Leading commodity bourse -- Multi Commodity Exchange of India (MCX) has launched futures trading in real-time Base Metals Index ‘METLDEX’ after bullion index. The exchange said the Base Metals Index will track real-time performance of a basket of MCX Base Metal (near month) futures that includes zinc, copper, nickel, lead, and aluminium. Presently, it carries around 33.06 per cent weight for zinc, 29.81 per cent for copper, 14.77 per cent for nickel, 12.88 per cent for lead and 9.48 per cent for aluminium.
According to MCX, three contracts expiring in November, December and January are available for trade. The contract has a lot size equal to 50 times of underlying MCX iCOMDEX Base Metals Index. The tick size (minimum price movement) for the contract is Re 1.
The contracts would finally be settled in cash at the end of expiry. The final settlement price will be based on the Volume Weighted Average Price (VWAP) of the underlying constituents between 4-5 pm on the expiry day of the index futures contract.