COMEX silver inventory fell from 299.04 Moz to 298.46 MOz and remains at the highest level since January 2023
OPEC is expected to extend its production cuts in an upcoming meeting, which has recently helped both WTI and Brent to break above their 100-day moving averages
Silver at $30.12 was down over 2 per cent at the time of MCX closing as the corresponding MCX July contract at Rs 90305 was down 2.91 per cent on the day
Silver price on MCX: Support is seen at $31 (Rs 93,500) /$29.50 (Rs 89,000)
The cautious stance of the US Federal Reserve on its monetary policy is somewhat positive for the metal; thus, inflation hedge buying theme dominates
Crude oil prices rose by 0.5 per cent to $78.48 on Monday amid volatility tied to hopes for an end to the Gaza conflict.
MCX stock price update: Morgan Stanley has maintained an 'Underweight' rating on the stock with a target price of Rs 2,085
The partnership will contribute to the advancement of both marketplaces through the sharing of knowledge, best practices, and education and facilitate market development in their respective regions
The exchange, instead of opening at 9am, was able to commence trading after 1 pm
MCX is primarily a venue to trade gold, silver, crude oil and base metal futures contract in India, a leading importer of these commodities
The DMA facility allows brokers to provide direct trading terminals to their clients. "All DMA orders shall be routed to the exchange trading system through the broker's trading system," MCX said
Indian exchanges like NSE, BSE, MCX, and the bond market will remain shut on the account of Christmas, this is the last market holiday on a trading day in this calendar year
The long-term growth opportunity remains, and trading volumes may benefit from new product launches
Stocks to watch on October 11, 2023: MCX said it will go live on the new commodity derivative trading platform from October 16, after a mock session on October 15
Krystal Family Holdings owns 100 per cent stake in the company
Approval from regulator remains positive for MCX as it will enable the launch of more products
Stocks to Watch on October 9, 2023: MCX has received approval from Sebi's technical advisory panel to shift to the new commodity derivative trading platform
As MCX manoeuvres the regulatory rigmarole over a new trading platform, its better-known rivals NSE and BSE, despite their relatively minuscule market share, are set to launch a major bid on Monday to enter the areas hitherto dominated by the country's largest commodity exchange. MCX (Multi Commodity Exchange of India Ltd) has been under the spotlight for a long time with regard to its transition to a new commodity trading platform from the one developed by its erstwhile promoter Financial Technologies India Ltd, now known as 63 Moons, that it has contracted to use till the year-end after repeated extensions. MCX announced last month that it will go live with the new platform developed by TCS from October 3, the implementation was put on hold soon after by the capital market regulator Sebi due to "technical issues" and in the wake of some pending legal matters. While the exchange has been holding mock trading sessions for the new software for quite a long time and will continue on .
MCX had initially intended to introduce the CDP on October 3. However, they have not revealed the new launch date yet
Shares of MCX, after dropping as much as 8.7 per cent to Rs 1,913, recouped most of its losses to finish at Rs 2,053, down 2.1 per cent over its previous day's close