MCX expecting three-fold jump
Enthused by the growing participation of traders and users in metal trading, the Multi Commodity Exchange (MCX) of India Limited is anticipating more than a three-fold increase in the per day value of trading and volume of metals traded by the end...
By PTI |
LUDHIANA: Enthused by the growing participation of traders and users in metal trading, the Multi Commodity Exchange (MCX) of India Limited is anticipating more than a three-fold increase in the per day value of trading and volume of metals traded by the end of this fiscal.
"With more and more traders and users of non-ferrous metals participating in metal trading, we expect that the daily trading and volume of metals, including copper, zinc and aluminum will increase over three times against present position by the end of this financial year," MCX, Manager (Product Knowledge Management), Ankit Singhal told PTI here.
Singhal was here to attend a seminar on metal trading.
At present, the per day turnover (single sided) of copper, zinc and aluminum in MCX stands at Rs 900 crore, Rs 150 crore and Rs 50 crore respectively. But the exchange expects daily turnover of Rs 3,000 crore in copper, Rs 400 crore in zinc and Rs 200 crore in aluminum by the end of this fiscal.
Similarly, it hopes that the per day volume size should jump to 50,000 MT in copper, 20,000 MT in zinc and 4,000 MT in aluminum.
The commodity exchange expects maximum participation in metal trading from Maharashtra, Delhi, Gujarat, Punjab and Madhya Pradesh.
The MCX has also tied up with Comex (New York based exchange) for copper and London Metal Exchange (LME) for other metal commodities for sharing expertise and knowledge in the trading.
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