MCX revises expiry date for base metal index due to Maharashtra Election on Nov 20. Check new expiry, settlement dates
- In light of the trading holiday, the expiry date of the MCXMETLDEX Futures contract has been advanced to November 19, 2024, from its original date of November 20.
The Multi Commodity Exchange (MCX), the largest commodity bouse in India, has announced a revision to the expiry date of the November 2024 base metal index futures contract (MCXMETLDEX) due to the Maharashtra Legislative Assembly Election scheduled for November 20, 2024.
While BSE and NSE have declared trading holiday on the election day, commodity trading on MCX will open only for the evening session.
Revised Expiry Date
In light of the trading holiday, the expiry date of the MCXMETLDEX Futures contract has been advanced to November 19, 2024, from its original date of November 20.
“The Original Expiry date on the Market Watch Screen would continue to display the Existing Expiry date, MCXMETLDEX contract will be available for trading only till the Revised Expiry date as mentioned above,” MCX said in a circular dated November 8.
MCXMETLDEX is part of the MCX iCOMDEX group of sectoral indices and has exposure to base metals. It reflects the performance of four key base metal futures traded on MCX — Aluminium, Copper, Lead, and Zinc.
Revised Settlement Date
On account of Maharashtra Assembly Elections 2024 scheduled to be held in Mumbai on Wednesday, November 20, banks shall not be providing clearing services on that day. Accordingly, there will be no settlement related activities on November 20.
Pay-in obligation for trade date November 19 shall remain blocked from the available Margin Limit of the Clearing Member on November 20, MCX said.
Thus, settlement for trades made on November 19, and November 20, shall be conducted on November 21, 2024, said the exchange.
Trading Holiday
In view of Maharashtra Assembly Election on November 20, 2024, MCX has declared a trading holiday for the morning session. Trading will begin in the evening session from 5:00 PM.
“Exchange shall be closed for trading in the Morning session, i.e., from 09:00 am to 05:00 pm. The Evening trading session will be open for trading, i.e., from 5:00 pm to 11:55 pm (till 09:00 pm for selected Agri Commodities),” MCX said.
Stock exchanges BSE and NSE will also remain closed on Wednesday, November 20. Hence, there will be no action in the Equity Segment, Equity Derivative Segment, and SLB Segment.
Maharashtra Assembly Elections 2024
The election in all the 288 assembly seats of Maharashtra Legislative Assembly is scheduled to be held on November 20, 2024. The counting of votes and election results will be announced on November 23. The next tenure of the state’s Legislative Assembly is set to begin on November 26.
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