Crude futures on MCX equals 1% of NYMEX

The first day of futures trading in crude oil at Multi Commodity Exchange saw impressive trading volume that equalled one per cent of the trading quantum at New York Merchantile Exhange (NYMEX).

"The first trading on crude oil futures at MCX recorded one per cent equivalent trading volume of NYMEX," MCX managing director Jignesh Shah told reporters here at the launch of National Spot Exchange for Agriculture Produce (NSEAP) in association with Nafed and SBI.

MCX introduced futures trading on crude oil yesterday.

"At the end of the first-day trading hours, MCX recorded a futures trading of three lakh barrels worth Rs 63 crore," Shah said adding the first hour of crude futures witnessed trading volume worth of Rs 1.6 crore.

This trading quantum once again signifies the potential of the domestic commodity market, he added.