Multi Commodity Exchange of India (MCX) has received commodity markets regulator -- Forward Markets Commission’s (FMC) -- approval to launch crude oil mini futures contracts for next year. The crude oil mini futures contract with a trading unit of 10 barrel will quote ex-Mumbai price.
As per the contract specification approved by the regulator, an individual client can trade up to 4,80,000 barrels, while a member (brokerage firm) collectively for all clients can trade up to 24,00,000 barrels.
At present, MCX is offering mini futures contracts in some of the base metals and precious metals.
