ICEX physical delivery grows 98.07%!

Diamond contracts expired on
4th January stood INR 5.2 crore

Recently Indian Commodity Exchange (ICEX) stated that the beginning of New Year has witnessed the physical delivery growth of nearly 98% on month on month (MoM) basis on its platform and has brought cheers to the market. The value of delivery in Diamond contracts expired on 4th January stood INR 5.2 crore.

This is the highest value of delivery at ICEX since the launch of Diamond Long future contract in August 2017. The settlement witnessed smooth delivery of 31.34 carats of diamond valuing INR 1.06 crores.

Mr Sanjit Prasad, MD & CEO of ICEX said, “ICEX has made a principled decision to launch compulsory delivery contracts which is a perfect platform and caters the need of all the participants in the echo system. Hence, ICEX trading platform provides a good opportunity for hedging the price risk for hedgers as contract expiry exhibits close convergence of the settlement and spot prices.”

In the previous month, i.e. December, 2018, ICEX registered physical delivery of 590 MT Steel valuing INR 1.99 crore, while the physical delivery of 32.10 carats diamonds valuing INR 60 lakh. He further added that “since inception, the quantity of delivery upon contract expiry has witnessed upward movement. It signifies credibility and transparency of ICEX contracts and settlement system which has been exhibited through increasing participation of commodity stakeholders.”

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