MCX gets Sebi's approval for deliverable futures contract in brass

The exchange is also proposing rubber, diamonds futures, and options in crude oil, silver, copper and zinc

MCX, the leading exchange for non-agri commodity derivatives, is for the first time in India planning futures contract in brass.

In another first for MCX, this metal contract, unlike other metals traded on the exchange, will be physical deliverable. Market regulator SEBI (Securities and Exchange Board of India) has already approved the contract's launch.

All other metal contracts on the exchange are cash-settled. However, several small and medium units which wanted to hedge in metals wanted a contract which could be settled in physical delivery.

The brass parts industry is largely centered in Jamnagar. This area falls in