India’s largest commodity derivatives exchange, Multi-Commodity Exchange of India Ltd (MCX), said it registered a 12-year high in silver delivery on Tuesday.
The exchange delivered a total of 139.96 tons (126,969.58 kg) of silver, of which 127.50 tons (115,666.05 kg) were via the 30 kg September contract – its highest level since December 2008 when deliveries hit 141.81 tons (128,647.87 kg).
Mini 5 kg and the Micro 1 kg August 31 silver contracts contributed the remaining 12.46 tons (11,303.52 kg).
India is the world’s biggest consumer of silver, which is mainly used for jewellery making in the country.
The daily turnover value for gold and silver futures on MCX touched a seven year high on July 28, with values of 50,226 crore rupees ($6.80 billion) and 33,239 crore rupees ($4.50 billion) respectively, the exchange said in a release.
Silver contracts grossed a turnover of 17,574 crore rupees ($2.38 billion) in August and the average daily turnover for total futures were seen at 43,262 crore rupees ($5.86 billion) in August 2020.
Silver 30 kg options also recorded an average notional daily turnover of 419 crore rupees during August and a record turnover of 741 crore rupees on Aug. 26.
Meanwhile, India’s silver imports are likely to fall by more than 40% from a year ago to the lowest level in eight years, with investors booking profit by selling stocks after local prices rallied to a record high last month.
India, which fulfils most of its silver requirements from abroad, imported 5,598 tonnes in 2019, according to data compiled by Refinitiv GFMS.
($1 = 73.8617 Indian rupees)
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