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

Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

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

Global Economy

Global Economy

Chinese factories stalling as euro zone business picks up  Full Article 

M&M Upgraded

M&M Upgraded

Credit Suisse upgrades Mahindra & Mahindra to 'outperform'  Full Article 

HRW Report

HRW Report

Bigoted teachers lead marginalised Indian school kids to drop out  Full Article 

Breakingviews

Breakingviews

Manchester United’s crisis has silver lining  Full Article 

Reuters India Mobile

Reuters India Mobile

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