Markets

Silver delivery on MCX hits 12-year high

Our Bureau Mumbai | Updated on September 08, 2020 Published on September 08, 2020

MCX, the country’s largest commodity derivatives exchange, logged the highest ever silver delivery in last 12-year.

The exchange handled 139.96 tonnes of silver delivery in its three contracts - Silver 30 kg, Silver Mini (5 kg) and Silver Micro (1 kg).

The silver (30 Kg) contract attracted deliver of 127.50 tonnes which was a record delivery in a single contract since December, 2008 when 141.81 tonnes was delivered. The silver mini and silver micro August 31 contracts marked delivery of 12.46 tonnes.

Besides high prices, the pick in demand from industrial activity post-Covid lockdown has boosted silver demand from consumers, said an analyst.

The daily turnover of silver futures had hit a seven-year high of ₹33,239 crore on July 28. Silver contracts grossed a turnover of ₹17,574 crore in August.

PS Reddy, Managing Director and CEO, MCX, said notwithstanding the prevailing volatility in silver spot markets, the record delivery reflects acceptance of newly introduced deliverable micro and mini silver contracts with 1 kg bar as base delivery unit as they have already seen 22.58 tonnes of delivery in the first four cycles.

The daily turnover of bullion futures on MCX had touched a seven-year high of ₹50,226 crore on July 28. The average daily turnover for total futures was pegged at ₹43,262 crore in August.

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Published on September 08, 2020
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