Earlier this year, the exchange introduced Good Delivery Norms for primary aluminium, refined copper and refined zinc.
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The commodity derivatives trading turnover on MCX hit an all-time high of ₹62.93 lakh crore on Friday on the back of sudden rise in gold prices and improved participation amid volatile metal prices.
According to trade statistics on the exchange website, total futures and options turnover stood at ₹62,93,465 crore, across more than 3.13 crore contracts. Options accounted for ₹61,84,516 crore of turnover, while futures contributed ₹1,08,949 crore.
The record comes amid a series of measures undertaken by MCX to strengthen the physical and derivatives market ecosystem. Earlier this year, the exchange introduced Good Delivery Norms for primary aluminium, refined copper and refined zinc, establishing a transparent framework for empanelment of producing plants and acceptance of metal for delivery against exchange contracts.
The framework incorporates auditing, assaying and testing at producing plants, providing market participants greater assurance on the quality and acceptability of deliverable metal. By expanding the pool of standardised, exchange-approved supply and strengthening confidence in the delivery mechanism, such measures can support greater participation, liquidity and hedging activity in the underlying contracts.
Rajeev Agarwal, National President, Commodity and Capital Market Participants Association of India said the record turnover reflects the growing depth and participation in India’s commodity derivatives market. As more participants use exchange-traded products for price discovery and risk management, such volumes are an encouraging indication of the market’s evolution, he said.
The focus going forward should remain on broadening participation while maintaining transparency and strong risk-management standards, he added.
Naveen Mathur, Director – Commodities, Currencies and GIFT City, IFSC, Anand Rathi Share and Stock Brokers said the rise in participation on MCX demonstrates the increasing relevance of organised commodity markets for hedgers, traders and investors. Initiatives that strengthen the linkage between the physical and derivatives markets, including standardised delivery and quality frameworks, add credibility to the ecosystem.
Continued product innovation and broader participation should help deepen India’s commodity markets further, he said.
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