Mumbai, Sep 24 (UNI) Multi Commodity Exchange of India Limited (MCX) today witnessed record delivery of 680 Metric Tonne (MT) of Coriander and 24.5 MT of Cardamom in the September expired contracts, following active participation from the traders and hedgers across the country.
The conversion rate for Cardamom and Coriander on the delivery date was 99 per cent and 97 per cent respectively.
MCX Senior Vice President Sanjit Prasad, in a release, said, ''The conversion rate of open interest to delivery, up-to the tune of 99 per cent indicates that traders and corporates across India are hedging their physical exposure and taking delivery on the expiry of the contract. The huge delivery also shows the interest and confidence of market participants in the MCX agri contracts, he said.
The Cardamom contract have seen great success with an average trading volume of more than Rs 10 crore with current open interest around 180 MT.
With the growing response from the exporters and traders, MCX has also recently started an additional delivery center at Theni in Tamil Nadu, Mr Prasad added.
UNI NV RN NP1913