Home / Metal News /  / India launches Gold Global futures contract
India launches Gold Global futures contract
Jul 15,2015 10:01CST
industry news
Source:SMM
The Multi Commodity Exchange of India Ltd. (MCX)- India's largest commodities exchange has announced the launch of ‘Gold Global’ futures contract Monday.

By  Paul Ploumis 14 Jul 2015  Last updated at  08:00:47 GMT

NEW DELHI (Scrap Monster): The Multi Commodity Exchange of India Ltd. (MCX)- India's largest commodities exchange has announced the launch of ‘Gold Global’ futures contract Monday. The contracts will be available for trade starting July 14th. The launch of the product follows approval from Forward Markets Commission (FMC)- the market regulator.

According to Exchange officials, the newly launched international gold contract will be denominated in rupees. The contract will be settled based on international prices converted to Indian Rupee based on RBI Reference Rate on the date of expiry. The contract is aimed at a certain section of physical participants who look for less risk and protection from volatile gold price movements in international market. Also, participants who trade in spreads between ‘Gold Global’ and other existing MCX gold contracts would get a margin benefit of up to 75%.

Launching the new contract, P K Singhal, Joint Managing Director, MCX stated that it has added new 200-grams variant to its existing portfolio. The base quote will be 10 grams. The tick size will be either Rs 1 or Rs 2. The new contract is expected to put a stop to the illegal online gold trades through overseas bourses in New York, Dubai and Europe. Furthermore, the contracts are expected to offer huge benefits to importers and exporters of gold. The ‘Gold Global’ excludes import premium, 10% import duty, sales tax, VAT and domestic market premiums.

MCX, started in November 2003, is India’s first listed exchange. It offers trading in varied commodity futures contracts across segments including bullion, ferrous and non-ferrous metals, energy and agricultural commodities. MCX is India’s leading commodity futures exchange with a market share of 84.04 per cent in terms of the value of commodity futures contracts traded in FY 2014-15.


MCX
Gold Global futures contract

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

    timeApr 28, 2020 06:09timezoneCST
    timeApr 26, 2020 22:49timezoneCST
    timeApr 26, 2020 18:25timezoneCST
    timeApr 26, 2020 18:16timezoneCST
    timeApr 26, 2020 16:55timezoneCST
    timeApr 26, 2020 15:28timezoneCST
    timeApr 26, 2020 15:13timezoneCST
    timeApr 25, 2020 10:48timezoneCST
    timeApr 25, 2020 09:46timezoneCST
    timeApr 25, 2020 00:00timezoneCST