MMTC and Indiabulls Financial Services-promoted Indian Commodity Exchange (ICEX) has completed the first settlement cycle of gold contracts which saw 90 per cent delivery of open interest.
With gold being a deliverable contract, the physical delivery of 168 lots of 1 kg and 170 lots of 100 gm took place on all the vaults accredited by ICEX.
“It is a creditable achievement and a measure of trust and confidence of participants in the new commodities exchange,” said Ajit Mittal, chief executive officer of ICEX.
The exchange has been able to rope in a number of traders and participants from the physical market in the first two months of its operations. Apart from gold and silver, the exchange has also launched contracts in base metals and energy such as copper, lead, crude oil and natural gas. From the agri basket, contracts in guar seed and refined soya oil have been introduced in the first phase.
