October 31, 2020

mcx: MCX witnesses supply of 1,06,814 tonnes in 5 base metallic contracts since Jan 2019

Mumbai: The Multi Commodity Alternate of India (MCX) on Monday stated it has witnessed a complete supply of 1,06,814 tonnes in 5 base metallic contracts since January 2019. These 5 base metals – aluminium, copper, lead, nickel and zinc – have been transformed into obligatory supply contracts in a phased method since January final 12 months, the MCX stated in a press release.

Out of the overall deliveries of metallic, aluminium accounted for 30,771 tonnes, copper 24,852.50 tonnes, lead 10,517 tonnes, nickel 3,646.50 tonnes and zinc 37,027 tonnes after completion of their August contract supply cycle.

Considerably, nickel witnessed the highest-ever supply of 999 tonnes throughout this August cycle, the MCX added.

The MCX has additionally began the method of empanelment of home refined lead manufacturers to encourage extra home customers and refiners to take part on the alternate, it acknowledged.

For this function, the alternate has issued eligibility standards for domestically refined lead manufacturers to get registered for the MCX good supply, it stated including that presently, solely London Steel Alternate-approved manufacturers are accepted.

“We’ve achieved one more milestone by changing all base metallic contracts efficiently into deliverable contracts inside a short while span. We’re inspired by the prepared acceptance to the change by the market contributors,” MCX CEO and Managing Director P S Reddy stated.

He added that the Alternate stays eager to discover completely different facets of contracts to extend its relevance to the home metallic trade.

Throughout August 2020, on a mean, day by day 1,24,638 tonnes of metals valued at Rs 7,270 crore traded on the alternate.

At present, buying and selling or supply heaps for metals are: 5 tonnes for aluminium, copper (2.5 tonnes), lead (5 tonnes), nickel (1.5 tonnes) and zinc (5 tonnes).

The MCX has designated warehouses at Bhiwandi in Maharashtra and Chennai in Tamil Nadu for the metallic supply.