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Thursday, May 19, 2005

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MCX posts record physical delivery in silver May contract

Our Bureau

Mumbai , May 18

MULTI Commodity Exchange (MCX) has witnessed record physical delivery in silver May 2005 contracts.

Actual delivery of silver was 51,240 kg valuing Rs 52.55 crore.

This was the biggest delivery ever witnessed in the Indian futures market, according to MCX release.

The entire delivery process was completed in four days. The due date rate was Rs 10,394 per kg.

The delivery happened at the Group 4 Securitas Centre at Ahmedabad.

The complete delivery procedure, right from getting the possession of the metal from the sellers, consignment movement, handing over it to the buyers, etc, has been worked out at a very optimal cost and on an average each participant involved in the delivery process has incurred Rs 350 per transaction plus Rs 5 per bar of 30 kg.

T+1 methodology is followed for settlement of pay in & payout of funds & commodity.

Jindal Dyechem, Delhi, was the seller. Among the major buyers are Zaveri & Co, (Ahmedabad), Suresh Hundia (Bombay), Riddhi Siddhi Bullion Ltd, (Mumbai).

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