On 26 March 2018
Multi Commodity Exchange of India announced the launch of Brass futures contract at an event organised in Jamnagar (Gujarat). The exchange, will commence futures trading in brass on 26 March 2018, marking the first time that a Brass Futures contract will be traded on an organised exchange anywhere in the world. Brass futures will not only provide its stakeholders with a more organised and robust price discovery platform, but will also help them to use a national level benchmark price as a ready reference to enable them to mitigate their price risk.Three contracts ending in April, May and June 2018 will be available for trading. The lot size of the contract is 1 MT (metric tonne). Significantly, MCX Brass futures is the first non-ferrous contract with compulsory delivery option. The price is quoted ex-warehouse Jamnagar (basis centre) inclusive of taxes and duties, excluding GST. The ingots and billets are of IS-319 grade.
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