Multi Commodity Exchange (MCX) has announced that it will launch the country's first bullion index, Bulldex, on August 24. Bullions, viz. gold and silver are already being traded as individual commodities on the country's premier commodity exchange. With gold and silver as underlying, Bulldex will have a market lot size of 50 and be cash-settled.
"MCX iCOMDEX Bullion Index Futures contracts, expiring September, October and November, will be available for trading with effect from August 24," the commodity exchange had said in a circular during the weekend.
The contract specifications and trading parameters of the contract shall be binding on all members of the exchange and constituents trading through them, the exchange added in its note.
In the bullion segment, MCX already offers 1 kg gold, goldmini, gold guinea and gold petal contracts, as also silver, silver mini and silver micro contracts. It also has options contracts on gold and gold mini.
Gold and silver are trading around record highs. The rally in these precious metals, which began in March, has led to a multi-fold rise in daily volumes on the MCX and the introduction of bullion futures will add further participation and depth to the bullion markets, according to commodity analysts.
MCX had launched Agridex on May 25. Agridex has 10 farm commodities as underlying.
At 11:05 am, the shares of MCX had shed 2.7 per cent at Rs 1,613 on the BSE. The BSE Sensex was trading at 37,932.45, higher by 57.84 points or 0.16 per cent and NSE Nifty was at 11,210.95, up 29 points or 0.24 per cent at the time.