Wednesday, June 18, 2008

MCX to launch platinum futures today

Multi-Commodity Exchange, India's top commodity platform in terms of turnover, is set to launch platinum futures on Thursday.

"We are launching the July and October contracts in platinum for trading from Thursday," an exchange member confirmed.

"The contract will have market lot size of 500 gm and the price quote will be in rupees per 10 gm ex-Mumbai," he added.

Although there is no developed platinum spot market in India, consumption in industrial purposes as well as the jewellery industry is rising.

Platinum is also used by pharmaceutical industries for making anti-cancer drugs and by auto industry to create catalysts. The use of platinum is also increasing in fertilizer industry. According to market sources, the exchange is also exploring launch of palladium and steel product futures soon. NW
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