Comments
Multi Commodity Exchange registered the highest delivery of 1,100 kg in the August gold contract that expired on Wednesday. The record gold delivery was despite regulator Forward Markets Commission’s ban on launching new contracts for the next calendar year.
The last time the delivery in MCX crossed the 1,000-kg mark was in April 2013, prior to the imposition of the Commodity Transaction Tax and other events that led to turmoil in the commodity markets. Deliveries dipped to four kg in February 2014, but the revival began only in June.
PK Singhal, Executive Vice-President, MCX, said that such high delivery rates bears ample testimony to hedging interest and hedgers’ faith in gold contracts.
“We are grateful to the participants who have reposed confidence in us, even during the phase of trough and the troubles that MCX has undergone since October 2013,” he added. FMC has declared the promoters of MCX as not fit and proper to hold stakes in commodity exchanges and ordered that MCX will not be allowed to launch new contracts for 2015 till the promoters divest their entire 26 per cent stake in the exchange.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.