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Silver delivery at MCX rises to a record

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KOLKATA: Multi-Commodity Exchange of India (MCX), has seen an all-time high delivery of nearly 140 tonnes for contracts expiring in August/September, the exchange said in a statement.

A total of 139.965 tonnes valued at Rs 937 crore was delivered, it said on Tuesday.

The Silver Mini (5 kg) and Micro contracts (1 kg), which were recently converted into compulsory delivery contracts, had delivery of 8.4 tonnes and 4.0 tonnes, valued at Rs 54.78 crore and Rs 26.41 crore respectively. In the month of August, average daily volume in silver stood at 2,523.4 tonnes and the corresponding average daily turnover was around Rs 17,574 crore, the release added.

The performance of Silver (30 kg) Options was also robust with an average notional daily turnover of Rs 419 crore during August 2020 with a record turnover of Rs 741 crore on August 26, 2020.

“Notwithstanding the prevailing volatility in silver spot markets, the record delivery witnessed in our Silver contracts shows the faith reposed by buyers and sellers alike in MCX as the domestic price benchmark and its robust risk management system. It also reflects acceptance of our newly introduced deliverable micro and mini Silver contracts with 1 kg bar as base delivery unit as they have already seen 22.58 tons of delivery in the first four cycles,” stated said P S Reddy, MD & CEO, MCX.

The exchange had an average daily futures turnover of Rs 43,262 crore in August 2020.

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