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MCX witnesses record high silver delivery

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Mumbai, Sep 8 (PTI) The Multi-Commodity Exchange of India (MCX) on Tuesday said it has witnessed a record-breaking 12-year high in silver delivery.

A total of 139.96 tonnes of silver has been delivered via Silver (30 kg) September contract along with Silver Mini (5 kg) and Silver Micro (1 kg) August contracts on MCX, the exchange said in a statement.

For Silver (30 Kg) September contract, 127.50 tonnes of silver has been delivered.

The September contract also created a record when it marked a 12-year high for delivery in a single contract.

This is the highest level of delivery since the December 2008 Silver (30 kg) contract, which registered a delivery of 141.81 tonnes, it said.

The Silver Mini and Silver Micro August 31 contracts marked the delivery of 12.46 tonnes of silver.

The daily turnover value for bullion futures on MCX had touched a seven-year high of Rs 50,226 crore on July 28, 2020, the statement said.

The daily turnover value of silver futures had hit a seven-year high of Rs 33,239 crore on the same date.

Silver contracts grossed a turnover of Rs 17,574 crore in August 2020.

The performance of Silver (30 KG) options was also robust with an average notional daily turnover of Rs 419 crore during August 2020 with a record turnover of Rs 741 crore on August 26, 2020.

'Notwithstanding the prevailing volatility in silver spot markets, the record delivery witnessed in our silver contracts shows the faith reposed by buyers and sellers alike in MCX as the domestic price benchmark and its robust risk management system,' MCX MD and CEO P S Reddy said.

'It also reflects acceptance of our newly introduced deliverable micro and mini Silver contracts with 1 kg bar as base delivery unit as they have already seen 22.58 tonnes of delivery in the first four cycles,' he added.

The exchange saw an average daily futures turnover of Rs 43,262 crore in August 2020, the statement said. PTI SM RVK