- Silver delivery may top Rs 700 cr on MCX
Mumbai: The recently-concluded silver futures contract on stock exchange MCX NSE 0.08 % has witnessed a delivery intention of 80.85 tonnes worth a whopping Rs 545 crore in what could be a record for a single day. It is not clear whether the seller is one or many but the delivery would happen amid tepid physical demand for silver, said market analysts.
While an MCX official was not immediately available for comment, the exchange data show delivery intention of 80,850 kilos valued at Rs 67,422 a kilo on March 1 in Ahmedabad. The contract expired on March 5. Actual delivery details will be released by the exchange clearing corporation in due course. Data through March 1-4 show intention to deliver Rs 725 crore worth of the metal in the March contract.
“Anecdotally, intention to deliver results in actual delivery almost always,” said Amit Modak, CEO, PN Gadgil & Sons. “Seldom, if at all, has such an intention been ….
Shanghai’s 🇨🇳 Silver Invenotry Dropping ⏬:
SHFE: #silver inventory stored reduced by 🔻70,000kgs last week
SGE: silver inventory stored reduced by 🔻42,000kgs in last week of published data
— Laowai Koala 🐨 (@Laowai_Koala) March 9, 2021