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Futures trading in iron ore on the Multi Commodity Exchange and the Indian Commodity Exchange Ltd received an encouraging response on the inaugural day on Saturday. While MCX has taken ex-Chennai (f.o.b.) as the benchmark price, ICEX has gone for cost and freight (CFR) China Port (North China). The February contract on MCX opened at Rs 7,300 for one DMT (dry metric tonne), touched a high of Rs 7,400 and a low of Rs 7,210 before closing at Rs 7,269. The March contract opened at Rs 7,460 and closed at Rs 7,496.
Both the contracts clocked a volume of 10,500 tonnes and the turnover was Rs 8 crore on MCX.
ICEX iron ore contract for March delivery was up 1.20 per cent at Rs 8,069 a tonne, while April contracts closed at Rs 7,628 a tonne.
Total volume of all the three contracts (March, April and May) was 24,600 tonnes valued at Rs 19.50 crore.
In the international markets, the spot Australian benchmark iron ore price hit $185 a tonne on Friday, while Indian iron ore price with 63.5 per cent iron content was quoted at $190 a tonne, including cost and freight.
Mr Sanjay Chandel, Chief Executive Officer, ICEX, said based on the run-up to the launch of iron ore contract, trade volumes on the first day of trade on ICEX were robust with good participation and liquidity seen in March and April contracts.
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