The Multi Commodity Exchange of India (MCX) is planning to allow delivery of locally-recycled base metals against their futures contracts on its platform to help make better price discoveries based on domestic factors. Currently, domestic commodity prices are mostly determined by international cues and domestic factors play very little role in prices. As against this, if local factors are considered the market can better discover prices in a more transparent manner.
MCX, the leading commodity bourse, largely offers futures trading in non-agricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.
