MCX exchange scales 12-year peak for silver delivery1 min read . Updated: 08 Sep 2020, 10:12 PM IST
The exchange delivered a total of 139.96 tons (126,969.58 kg) of silver, of which 127.50 tons (115,666.05 kg) were via the 30 kg September contract - its highest level since December 2008
India's largest commodity derivatives exchange, Multi-Commodity Exchange of India Ltd (MCX), said it registered a record-breaking 12-year high in silver delivery on Tuesday.
A total of 139.96 tons of Silver has been delivered via the Silver 30 kg September contract along with the Silver Mini (5 kg) and the Silver Micro (1 kg) August contracts on MCX. For the Silver (30 Kg) September contract, 127.50 tons of silver has been delivered. The September contract also created a record when it marked a 12-year high for delivery in a single contract. This is the highest level of delivery, since the December 2008 Silver 30 kg contract, which registered a delivery of 141.81 tons.
The Silver Mini and Silver Micro August 31 contracts marked the delivery of 12.46 tons of silver.
The daily turnover value for bullion futures on MCX had touched a seven year high of Rs. 50226 crore on July 28, 2020. The daily turnover value of Silver futures had hit a seven-year high of Rs.33,239 crore on the same date. Silver contracts grossed a turnover of ₹17,574 crore in August 2020. The average daily turnover for total futures was pegged at ₹43,262 crore in August 2020.
The performance of Silver (30 KG) Options was also robust with an average notional daily turnover of ₹419 crore during August 2020 with a record turnover of ₹741 crore on August 26, 2020.
“Notwithstanding the prevailing volatility in silver spot markets, the record delivery witnessed in our Silver contracts shows the faith reposed by buyers and sellers alike in MCX as the domestic price benchmark and its robust risk management system. It also reflects acceptance of our newly introduced deliverable micro and mini Silver contracts with 1 kg bar as base delivery unit as they have already seen 22.58 tons of delivery in the first four cycles," said P.S. Reddy, MD & CEO, MCX.