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Our Bureau

Mumbai , Nov. 29

Zinc contracts have posted a record turnover of Rs 1,031.92 crore on the Multi Commodity Exchange (MCX) on November 27. Over 50,100 tonnes of zinc was traded on the day on the exchange. The open interest in zinc contracts was 11,225 tonnes. The previous record was Rs 998.2 crore since the launch of the contract in March 2006. Zinc has about 97.41 per cent correlation with LME prices according to an exchange official.

Base Metals

The exchange also offers trading in other base metals such as copper, zinc, aluminium, nickel, tin and lead. The turnover recorded in base metals at MCX for the period January to October 2006 was Rs 157,251 crore, which is more than 73 times the turnover in the corresponding period last year. The strategic alliance of MCX with LME has helped in the efficient price discovery of base metals principally zinc and aluminium at MCX trading platform, said exchange officials.

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