What is MCX?

Multi Commodity Exchange more famously known as MCX offers online trading facilities in commodity derivatives. It is headquartered in Mumbai,India. The exchange is regulated by the Securities and Exchange Board of India (SEBI).

The exchange offers trading platform for commodity traders. Exchange Clearing Corporation Limited (MCXCCL), is the wholly owned subsidiary of MCX which takes care of clearing and settling transactions related to commodity futures.

Major Milestones of MCX

In the last two decades, MCX has leveraged technology to shape the commodity markets. Below are a few of the major milestones of MCX:

• MCX commenced its operations on November 10th, 2003
• MCX entered a licensing agreement with LME in 2005
• In the following year, 2006, the company entered into a product licensing agreement with NYMEX (CME Group)
• Multi Commodity Exchange became a member of the International Organisation of Securities Commissions (IOSCO) in 2008
• In 2012, it became India’s first listed exchange
• In 2017, it launched its first Gold Options contract on futures in India
• In 2019, the company launched the MCX iCOMDEX™ commodity index series
• The company launched futures on the MCX iCOMDEX Base Metal Index called METLDEX™ in the year 2020, making it the first Indian exchange to have derivatives on an index of base metals
• In 2021, MCX and European Exchange AG (EEX) entered into an MoU with the aim of knowledge sharing and exchanging expertise on Electricity derivatives products
• MCX signed a consultancy agreement with Chittagong Stock Exchange Limited (CSE), Bangladesh, to collaborate and establish the first commodity derivatives platform in Bangladesh in 2022

What are the Products Offered by MCX?

The commodities futures offered by MCX are as follows:

• Precious Metals: Gold and Silver
• Base Metals: Aluminium, Copper, Lead, Nickel and Zinc
• Energy: Crude Oil and Natural Gas
• Agro Commodities: Black Pepper, Castor Seed, Cotton, Crude Palm Oil and Mentha Oil

Trading Hours

The normal trading hours for commodities are from 9:00 A.M. to 11:30 P.M. Monday to Friday, and they are extended up to 11:55 P.M. every November and March due to daylight saving.

The closing times for commodity trading are as follows:

• Agri-commodities: up to 5:00 P.M.
• International Referenceable Agri-commodities: up to 9:00 P.M.
• Precious Metals, Base Metals, and Energy: 11:30 P.M. / 11:55 P.M.

The special trading session is held from 8:45 A.M. to 8:59 A.M. Monday to Friday.

MCX Trading Holidays in 2024

Conclusion

MCX stands tall as the nation’s most advanced and user-friendly exchange for commodity trading. Its cutting-edge technology and focus on customer needs have made it a pioneer in introducing innovative products. Whether you’re a seasoned trader or just starting out, MCX offers a diverse range of contracts tailored to your specific commodity interests.

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