MCX hits new high, surges 27% in 1 month; what's behind the stock rally?

In the past year, the market price of MCX zoomed 110 per cent, as against a 6 per cent gain in the BSE Sensex

Shares of Multi Commodity Exchange of India (MCX) hit an all-time high of ₹8,068.95, gaining 4 per cent on the BSE in Friday’s intra-day trade. The stock price of India’s leading Commodity Derivatives Exchange has surpassed its previous high of ₹8,033.30 touched on June 10, 2025. Thus far in the month of June, it has rallied 22 per cent.

 

In the past month, MCX has outperformed the market by surging 27 per cent, as compared to a 1.2 per cent rise in the BSE Sensex. In the past year, the market price of MCX zoomed 110 per cent, as against a 6 per cent gain in the benchmark index.

 

What’s driving MCX stock price?

MCX’s key growth drivers include new product launches, futures and options; continued volatility in key commodity prices (gold, crude oil, and natural gas) amid global uncertainties; and sustained growth momentum in retail participation in the options market, according to the analysts.

 

On June 6, 2025, MCX received approval from the Securities and Exchange Board of India (Sebi) to launch Electricity Derivatives, marking a significant milestone in the evolution of India’s Energy trading landscape. This development underscores the strong commitment and support of the Regulators - SEBI and Central Electricity Regulatory Commission (CERC) - in enabling a dynamic and sustainable power market, MCX said.  Track LIVE Stock Market Updates Today

 

The Electricity Derivatives Contracts to be introduced by MCX will enable generators, distribution companies, and large consumers to hedge against price volatility and manage price risks more effectively, by enhancing efficiency in the power market.

 

“This landmark move positions MCX as a torchbearer of innovation in commodity trading, while reinforcing India’s ambition towards sustainable energy and capital market development. It also marks a pivotal step toward deepening India’s energy markets and aligns with the broader vision of ‘Viksit Bharat’,” MCX said in an exchange filing.

ICICI Securities' view on MCX

MCX, since the start of the financial year 2025-26 (FY26), has witnessed a surge in options/futures volumes. For the combined timeframe of April/May 2025, the options' notional average daily turnover value (ADTV) stood at ₹2.56 trillion (up 34 per cent versus FY25 notional ADTV). Options Premium ADTV stood at ₹4,130 crore (up 33 per cent versus FY25 premium ADTV). Futures ADTV stood at ₹40,700 crore (up 50.5 per cent versus FY25 futures ADTV).

 

The majority increase in volumes was driven by a strong surge in gold volumes, where notional/premium/futures ADTV increased 218 per cent/283 per cent/161 per cent in the first two months of FY26 versus FY25. This strong surge in gold volumes stemmed primarily from the modification in gold options contracts to monthly expiry contracts (prior bi-monthly) effective November 11, 2024. Momentum seen in April/May 2025 continued in the first two weeks of June. 

 

Passage of key regulations such as the New Equity Derivatives Framework in November 2024, the New Risk monitoring Framework for Equity Derivatives in May and finalisation of expiry for equity derivatives in June, imply a stable outlook ahead for exchanges, the brokerage firm said.

About MCX

MCX, operational since 2003, is India’s leading commodity derivatives exchange with a market share of about 98 per cent in terms of the value of commodity futures contracts traded in the financial year 2024-25. 

 

With pan-Indian presence, MCX serves as a dynamic platform for the Indian commodity market ecosystem, offering dual advantages of fair price discovery and efficient risk management. It offers trading in a diverse range of commodities, spanning multiple segments including bullion, energy, metals and agri commodities, as well as sectoral commodity indices.