Why are MCX volumes declining?

I was checking the investors overview of MCX and noticed that the average daily volumes and number of contracts have been on a steady decline.


Is is just because of the end of the commodity super-cycle that was fueled by China or is there something larger at play here. I am also guessing that with equity markets hitting lifetime highs that might have had an impact on the volumes. Looks like there is a probable recover Q1FY18 daily volume cloclking Rs 18,772 cr, any views on this.

Maybe @nithin who has first hand view of this.