METLDEX clocks turnover of Rs 1,336 cr since launch: MCX
New Delhi: Leading commodity bourse MCX on Thursday said its metal index futures, METLDEX, has completed its first expiry cycle with a turnover of Rs 1,336 crore.
The METLDEX futures, launched in October this year, tracks the price movements of five base metals traded on the exchange. "The METLDEX futures has witnessed good participation from all stakeholders ever since its launch last month. We thank all participants for their overwhelming support to the new metal index product, which has successfully completed its first expiry cycle," MCX Managing Director and CEO P S Reddy said in a statement.
The exchange would continue its ongoing engagement with the participants to make the METLDEX futures an integral part of the base metal industry in the coming years, he added. According to MCX, trading in the November 2020 contract of METLDEX had hit a record high of Rs 102.36 on October 19, with an average daily turnover of Rs 56 crore since its launch.
The December month contract shows an open interest position of 243 lots as on November 18, 2020 indicating a bullish undertone in base metals, it said. The contracts will be settled in cash on their respective expiry dates. The final settlement price will be the underlying index price arrived at based on volume weighted average price of the constituents of the underlying index between 4 pm and 5 pm on the respective expiry days of the contracts.