The Multi Commodity Exchange (MCX) on Wednesday mentioned it has witnessed expanding hobby in silver futures amid the coronavirus pandemic, as their moderate day-to-day turnover price (ADTV) throughout April-June stood at Rs 5,850.62crore.
In the primary quarter of the present monetary 12 months, the emerging issues over the coronavirus pandemic the world over have inspired traders to park their sources in silver, which may be regarded as a safe-haven steel, MCX mentioned in a observation.
In the April-June quarter, the ADTV price of futures contracts in silver was once at Rs 5,850.62 crore, the best possible because the advent of the commodities transactions tax in July 2013, which had negatively impacted commodity futures quantity within the following years.
In the January-March 2020 quarter, the ADTV in silver futures was once Rs 5,321.95 crore, it added.
The general mixed ADTV for gold and silver futures and choices contracts within the April-June quarter was once marginally down at Rs 13,115.93 crore when put next with the former quarter, which will also be attributed to diminished participation in gold contracts as a mirrored image of slowdown in shopper call for amid lockdown coupled with a pointy upward push in costs.
However, the quantity was once nonetheless the second one best possible on a quarterly foundation since July 2013, it added.
Gold futures costs have risen from Rs 40,989in step with 10 grams at the start of the quarter to a top of Rs 48,304at the MCX on June 30, posting an 18 in step with cent achieve for the quarter.
This has significantly impacted shopper call for throughout sectors, with the exception of funding purchasing, the MCX added.
The change additionally witnessed decline in ADTV within the April-June quarter.
The MCX has posted a complete ADTV of all commodities traded at the change at Rs 23,128.51crore within the April-June quarter, when put next withRs27,473.17crore within the corresponding quarter of the former monetary 12 months.
The drop in quantity will also be attributed to diminished participation within the wake of coronavirus-induced lockdown, which has introduced the economic system within the nation to a standstill for many a part of the quarter.
The MCX accounts for over95 in step with cent of the rustic’s futures and choices quantity in commodities.
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