The Multi Commodity Exchange of India (MCX) is all set for formal launch of its base metal futures indices from October 19. To be called MCX iComdex base metals index futures, the new indices will start trading from October 19. The exchange got SEBI approval on June 29, 2020, and it began mock trading on July 31. The base metals being traded on its platform are gold, gold mini, silver, silver mini, copper, zinc, lead and nickel.
The base metals future contracts expiring in November and December 2020 and January 2021 will be available for trading from October 19. it said the contracts for further expiries will be launched according to the enclosed contract launch calendar, and added that the contract specifications and trading parameters of the contracts shall be binding on all the members and constituents trading through them and that the settlement of the contracts will be carried out through the MCX Clearing Corporation as detailed on August 17.
The exchange said each contract will start on the 15th day of contract launch month and trading will take place Mondays through Fridays from 9 am to 11:30/11:55 pm. From August 24, MCX was trading on bullion index, Bulldex, making it the country's first such index on underlying bullion futures contracts, expiring in September, October and November. The Bulldex is the sixth product in bullion complex with 1-kg gold, 100-gm goldmini, 8-gm gold guinea and 1-gm gold peta, while the Options on Futures on 1-kg gold is already in place. It had recently also launched options on goods in 100-gm goldmini contracts.
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