Commodities

Metldex logs ₹1,336-crore turnover since launch

Our Bureau Mumbai | Updated on November 19, 2020 Published on November 19, 2020

The metal index future, launched on October 19, tracks price movements of 5 base metals traded on the exchange

The MCX iComdex metal index futures has logged a turnover of ₹1,336 crore since its launch last month.

In its first expiry cycle, the November contract of Metldex had hit a record high of ₹102 on October 19 with an average daily turnover of ₹56 crore since its launch on October 19.

The Metldex futures track the price movements of five base metals traded on the exchange.

Also read: Revival in demand to hold aluminium prices high

The Metldex December had registered an open interest position of 243 lots as on November 18, indicating a bullish undertone in base metals.

Meltdex futures has a lot size equal to 50 times the underlying MCX iComdex Base Metals Index. The constituents of Metldex index include Zinc carrying a weight of 33.06 per cent, Copper (29.81 per cent), Nickel (14.77 per cent), Lead (12.88 per cent) and Aluminium (9.48 per cent).

The contracts are settled in cash on their respective expiry dates. The final settlement price will be the underlying index price arrived at based on Volume Weighted Average Price of the constituents of the underlying index between 4pm and 5pm on the respective expiry days of the contracts.

Also read: Beating equities: Commexes show signs of strong recovery

PS Reddy, Managing Director & CEO, MCX, said the Metldex futures, which stands as a new benchmark for performance of the manufacturing sector has witnessed good participation from all stakeholders.

“We would continue our ongoing engagement with the participants to make Metldex futures an integral part of base metal industry,” he said.

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Published on November 19, 2020
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