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The MCX iComdex Base Metal has logged a turnover of ₹102 crore on its debut on Monday.
In the first half trading session, the base metal index contract expiring in November had registered a turnover of ₹61 crore while in the second half trading the turnover was ₹41 crore, taking the overall turnover to ₹102 crore.
MCX had launched Metaldex futures contracts expiring in November to January 2021. The contract has a lot size equal to 50 times of underlying Base Metals Index. The tick size (minimum price movement) for the contract is Re 1. On expiry, the contract would be cash-settled.
The sectoral index tracks the real-time performance of a basket of MCX Base Metal futures including Zinc (5 mt), Copper (2.5 mt), Nickel (1.5 mt), Lead (5 mt) and Aluminium (5 mt) futures. Presently, it carries about 33.06 per cent weightage of Zinc, 29.81 per cent of Copper, 14.77 per cent of Nickel, 12.88 per cent of Lead and 9.48 per cent of Aluminium.
In August, MCX had launched futures trading on its bullion index Bulldex which had registered an average daily turnover of Rs 251 crore as on October 15.
The MCXBulldex expiring on October 23, logged a turnover of ₹192 crore on Monday.
“Index trading will facilitate instant portfolio diversification and encourage passive, thematic elements in portfolios. The index will soon emerge as a new real-time barometer for Indian metal industry,” said PS Reddy, Managing Director, MCX.
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