FMC hikes position limits in gold contracts

MUMBAI Sun May 6, 2012 1:18pm IST

A salesgirl is reflected in a mirror inside a gold jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival in Kochi April 24, 2012. REUTERS/Sivaram V

A salesgirl is reflected in a mirror inside a gold jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival in Kochi April 24, 2012.

Credit: Reuters/Sivaram V

Related Topics

MUMBAI (Reuters) - 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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage