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MCX Achieves New Record in Silver Delivery - MCX, India’s leading commodity bourse, recorded the highest-ever delivery of 57,030 kgs of silver valued at Rs 97.09 crore in its July 2007 contract. The previous high of 50,040 kgs, valued at Rs 51.67 crore, was witnessed in May 2005
MCX Achieves New Record in Silver Delivery

 

NewswireToday - /newswire/ - Mumbai, Maharashtra, India, 2007/07/12 - MCX, India’s leading commodity bourse, recorded the highest-ever delivery of 57,030 kgs of silver valued at Rs 97.09 crore in its July 2007 contract. The previous high of 50,040 kgs, valued at Rs 51.67 crore, was witnessed in May 2005.

   
 
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As with all MCX commodities contracts, silver contracts too are tailor-made largely for the physical commodity users so that they may plan their hedging strategy better. The popularity of the contracts on the exchange platform can be gauged by the fact that MCX is the world’s largest bourse for silver, in terms of contracts traded.

"The new record in silver underscores the efficacy and transparency of the complete trading, settlement and delivery process deployed at MCX. We are glad that the trading community is finding opportunities on the Exchange to discover better price from a nationwide market offered on the MCX platform,” said Joseph Massey, DMD, MCX.

“Since silver was trading at a six-month low – the price on December 30, 2006 was Rs 21,285 per kg -- a number of investors chose to buy on the MCX because of the assurance of purity of the silver bars. The settlement rate of the July silver contract, expired on July 5, was Rs 17,024 per kg,” said Jigar Pandit, manager-commodities at Sharekhan Commodities. “Investors were also attracted by the excellent cash and carry arbitrage opportunity which assured them of 1.3% returns.”

About MCX
Headquartered in the financial capital of India, Mumbai, MCX (mcxindia.com) is an independent, demutualised nationwide electronic multi commodity futures exchange set up by Financial Technologies with permanent recognition from Government of India for facilitating online trading, clearing & settlement operations for futures market across the country. The exchange started operations in November 2003 and presently is the top commodity exchange in the country with 70% market share of the total commodity derivatives trading volume in the country. Among the top ten commodity derivatives exchanges in the world, MCX ranks among the top three bullion, energy and copper exchanges in the world in terms of contracts traded. The average daily turnover of MCX is about US$2.2 billion.

Apart from being accredited with ISO 9001:2000 for quality management, it is the world’s first and only multi-commodity exchange to have achieved ISO 27001:2005 certification, the global benchmark for information security management systems.

MCX offers futures trading in 58 commodities, defined in terms of the type of contracts offered, from various market segments including bullion, energy, ferrous and non-ferrous metals, oils and oil seeds, cereals, pulses, plantations, spices, plastics and fibres. The exchange strives to be at the forefront of developments in the commodities futures industry and has forged eleven strategic alliances across the world, including with Tokyo Commodity Exchange, Chicago Climate Exchange, London Metal Exchange, New York Mercantile Exchange, New York Board of Trade and Bursa Malaysia Derivatives, Berhad.

Financial Technologies India Ltd, a leading provider of transaction automation technologies for Equities, Derivatives, Forex and Commodity markets, is the majority shareholder of MCX. Other key stakeholders include Fidelity International, State Bank of India & its subsidiaries, National Stock Exchange (NSE) and National Bank for Agriculture & Rural Development (NABARD).

 
 
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Written by / Agency / Source: Multi Commodity Exchange of India Ltd

 
 

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MCX Achieves New Record in Silver Delivery

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Publisher Contact: Ravi Muthreja - MCXindia.com 
+91 22 67152000 ravi.muthreja[.]mcxindia.com
 
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