Copper Futures Turnover on India’s MCX Gains on Price Volatility
Copper futures turnover on the Multi Commodity Exchange of India Ltd., the nation’s biggest such bourse, climbed last month amid increased price volatility, an exchange executive said.
Average daily volume expanded to 123,243.85 metric tons in January, compared with 110,887 tons a year earlier, according to the exchange. Turnover rose 37 percent to 54.1 billion rupees ($1.2 billion) from a year earlier.
Global copper prices have rallied 33 percent this year and reached a record $10,190 a ton on Feb. 15 on the London Metal Exchange. The metal’s 30-day historical volatility, a measure of how much the price fluctuates, rose to 21.95 percent last week, the highest level since December.
“If prices are going to be volatile this year, I think more corporates will come on this platform and hedge,” Sumesh Parasrampuria, director of business development at the MCX, as the exchange is known, said in an interview on Feb. 18.
Copper for delivery in three months gained 0.2 percent to $9,883.50 in London at 11:50 a.m. Mumbai time. February-delivery futures on the MCX, the most-active contract, rose 0.5 percent to 447.75 rupees a kilogram at 12 p.m.
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