MCX registered highest turnover in zinc contracts on its platform on Monday, Nov 2006 surpassing its previous record.
Zinc contracts posted a record turnover of Rs. 1,031.92 crore on November 27, 2006 on MCX trading platform. Over 50,100 tonnes of zinc was traded on the day on the exchange.
The open interest in zinc contracts was 11,225 tones as on November 27, 2006.
This is the first time when the daily volume of zinc bettered Rs. 1000 crore surpassing the previous record of Rs. 998.2 crore on MCX since its inception in March 2006.
“MCX is the only liquid exchange in the world after LME that provides the opportunity in zinc to hedge against the prices fluctuations. Zinc has about 97.41 per cent correlation with LME prices,” an MCX official said.
MCX is the largest Indian exchange for zinc futures with about 99.9 per cent market share.
MCX, India’s largest commodity futures exchange in also has a sizeable market share in the base metals futures market with more than 99 per cent market share.
Copper, zinc and aluminum are three most liquid base metals that are traded on the exchange. The exchange also offers trading in nickel, tin and lead.
The turnover recorded in base metals trading at MCX for the period of January to October 2006 is Rs. 157,251 crore, which is more than 73 times in the corresponding period last year.
The strategic alliance of MCX with LME has helped in the efficient price discovery of base metals principally zinc and aluminum at MCX trading platform, which comes to great benefit for Indian participants.