Mumbai: Multi Commodity Exchange of India (MCX) recorded its highest-ever daily turnover of Rs 62.93 lakh crore on Friday, August 28, driven overwhelmingly by activity in commodity options.
Total turnover during the session stood at Rs 62,93,465.46 crore, highlighting the growing scale of participation in India’s commodity derivatives market.
Options Dominate Trading
Options generated turnover of Rs 61,84,516.04 crore, accounting for more than 98 per cent of the exchange’s overall turnover. MCX states that turnover reported for options represents notional turnover.
Commodity futures contributed another Rs 1,08,949.42 crore.
Overall trading volume crossed 3.13 crore lots during the session, while the MCX website separately reported 17,025,937 trades.
The milestone comes as the exchange works to deepen participation and strengthen links between India’s physical commodity and derivatives markets.
Delivery Framework Strengthened
In June, MCX introduced Good Delivery Norms for primary aluminium, refined copper and refined zinc.
The framework establishes independent standards for empanelling producing plants and accepting metals for delivery against exchange-traded contracts.
It includes auditing, assaying and testing procedures at production facilities, aimed at ensuring metals entering the exchange delivery mechanism meet prescribed quality and process standards.
A broader pool of approved producers could also increase the availability of standardised domestic metal for settlement.
Participation Continues to Grow
Naveen Mathur, Director, Commodity, Currency and GIFT City, IFSC, at Anand Rathi Share and Stock Brokers, said increasing participation demonstrates the growing relevance of organised commodity markets for hedgers, traders and investors.
He added that standardised delivery and quality frameworks could strengthen confidence in the ecosystem.
Greater participation from producers, industrial consumers and traders could improve price discovery and provide more opportunities for managing commodity price risks.
The record turnover, particularly the dominance of options, underscores the expanding scale of commodity derivatives trading on MCX and the exchange’s efforts to deepen India’s organised commodity market.
