The Hindu Business Line : MCX sets record in physical delivery of silver

THE Multi Commodity Exchange of India (MCX) has registered a record physical delivery of 18,997.78 kg in March silver contract valued around Rs 20.43 crore.

The entire delivery process was completed in four days. The delivery happened at the Group 4 Securitas Centre at Ahmedabad.

The open interest was only 6,600 kg when the contract entered into settlement period. The due date rate was Rs 10,810.

"The exchange has facilitated country's largest physical delivery in silver. The delivery in the silver contract is, by far, the biggest in the country, demonstrating participants' confidence in the efficiency, ethical practices and industry-oriented contracts of MCX,'' a news release said quoting Mr Jignesh Shah, Managing Director of MCX.

The complete delivery procedure, right from taking possession of the precious metal from the sellers, consignment movement, handing over the metal to the buyers, etc, has been worked out at a very optimal cost and on an average each participant involved in the delivery process has incurred Rs 350 per transaction plus Rs 5 per bar of 30 kg.

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