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MUMBAI :
Multi Commodity Exchange of India (MCX) is all set to launch the nation’s first bullion index, Bulldex, on August 24
“MCX iCOMDEX Bullion Index Futures contracts, expiring September, October and November, will be available for trading with effect from August 24,” the commodity alternate stated in a round on Saturday.
The bullion index, Bulldex, being launched by MCX is the sixth product in bullion complicated with 1-kg gold, 100-gm goldmini, 8-gm gold guinea and 1-gm gold peta, whereas the Options on Futures on 1-kg gold is already in place.
The bourse not too long ago launched choices on items in 100-gm goldmini contract.
Having gold and silver as underlying, the Bulldex can have market lot measurement of 50 and, in contrast to gold and silver contracts, will probably be a cash-settled futures contract, thus making it enticing for hedgers and institutional members, who’re hesitant in taking supply of gold and silver, a MCX assertion stated.
As a outcome, alternate is probably going to get extra severe participation within the bullion futures that may add depth to the commodity derivatives market.
Also, the rally since mid-March in gold and silver to report highs can also be anticipated to be helpful for MCX, which had not too long ago witnessed its every day commerce quantity rising multi-fold due to increased costs and elevated volatility in gold and silver.
MCX had examined bullion index futures commerce in mock buying and selling workout routines in July.
The alternate additionally has indices on base metals and vitality, which can be launched in phased method after regulatory approvals, the assertion stated.
On May 25, the Commodity and Derivatives Exchange had launched India’s first index futures contract referred to as Agridex, which has 10 farm commodities as underlying.
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