The Hindu Business Line : MCX launches gasoline futures

Mumbai, July 1 MCX has launched futures trading in gasoline from the second session starting 5 p.m. on Wednesday. There will be three contracts expiring on 25th of each month between July and September and will be available for trading between 10 a.m. and 11.30 p.m.

The contract will track gasoline contracts on the New York Metal Exchange. Price quote on MCX would be a gallon (one gallon equals 3.785 litres) with a tick size of 5 paise a gallon. The daily price limit will be four per cent and the margin has been fixed at five per cent (about Rs 15,750 a contract). The profit or loss a tick for a contract will be Rs 210. The lot size would be 4,200 gallon.

The due date rate will be calculated based on market price of gasoline, ex-Mumbai, excluding all taxes, levies and freight, as available for the variety from various market sources and converted at the rupee-US dollar rate prevailing on expiry.

Gasoline or petrol is a petroleum-derived liquid mixture, primarily used as fuel in internal combustion engines. It also is used as a powerful solvent much like acetone.

More Stories on : Commodity Exchanges | Commodity Markets | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
MCX launches gasoline futures

Rains advance into the North

Behind schedule

Spot rubber prices drop on resistance

Bring down Customs duty on natural rubber

Higher tea volume on offer at Coonoor sales

Tobacco continues to fetch higher prices in AP

Cardamom arrivals top 10,000 tonnes

Pepper futures fall further