MCX , country's leading commodity exchange, will launch fresh futures contracts in bullion, base metals and farm commodities for the 2015 calendar year, effective from tomorrow.
New contracts in commodities such as gold, silver, aluminium, lead, nickel, zinc, copper, crude oil, crude palm oil, mentha oil, cardamom, cotton, cotton seed oilcake will be launched for futures trading with effect from October 1, the exchange said in a separate circular.
MCX, which largely generates business volumes from bullion and metals, will launch gold contract for expiry in February and later months till August of 2015.
In case of Gold Guinea and Gold Petal contracts, it will offer only one contract for expiry in January. Silver contract will be launched for expiry in March, May, July and September next year. 'Silver Mini' contract will be offered that will close in February, April, June and August of next year, while 'Silver Micro' for expiry in February, April and June, the exchange said.
Also read: FTIL exits MCX; completes 15% stake sale to Kotak Mah Bk
'Silver 1000' contract will be launched for expiry in January and later months till September, it added. Yesterday, commodity markets regulator FMC had given permission to MCX to launch continuous contracts for the 2015 calendar year after the exchange complied with the regulatory directives issued in a matter related to FTIL's stake sale in the bourse.
FMC had held back approval for launch of new contracts to MCX to ensure that the bourse puts pressure on its anchor investor Financial Technologies (FTIL) to comply with the December 2013 order that declared FTIL as unfit to run any bourse in view of the Rs 5,600 crore scam at National Spot Exchange (NSEL). NSEL is promoted by FTIL.
MCX was given approval to launch new contracts after FTIL exited the bourse fully yesterday by selling 15 per cent stake to Kotak Mahindra Bank and signing a new technology pact with the commodity bourse. FTIL had held 26 per cent stake in MCX.
MCX' volumes have taken a beating after the scam at NSEL surfaced and imposition of commodity trading tax. The turnover of the exchange was Rs 2,06,876 crore in the first fornight of this month, down from Rs 2,71,348 crore in the same period last year, as per the FMC data.
Financial Tech stock price
On September 30, 2014, Financial Technologies closed at Rs 223.50, down Rs 4.8, or 2.1 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 129.95.
The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company was 0.43.
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