MUMBAI India's commodity markets regulator has asked the Multi Commodity Exchange (MCX) to increase the maximum positions that can be taken at an individual or member level for new gold contracts, without giving any reason.
The Forward Markets Commission (FMC) wants to hike the allowable position for an individual client to 2.5 metric tonnes from 2 tonnes, and increase the member position limit to 12.5 metric tonnes or 15 percent of market wide open positions, whichever is higher, from 6 metric tonnes.
"You (the MCX) are requested to launch bullion contracts as per the contract launch calendar and post the details of the approved contracts immediately," said the FMC in a statement posted on its website.
The MCX will launch its new gold February 2013 contract in early June, while the exchange has started trade in August gold mini contract on May 7 with new specifications.
(Reporting by Siddesh Mayenkar)
Trending On Reuters
It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article