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Programme on Hedging Bullion Price Exposures Organised by MCX at Balasore

440 Days ago

Balasore (Odisha), July 14, 2015: In order to enhance knowledge about the functioning of the commodities future market and the benefits of Hedging amongst the bullion stakeholders, Multi Commodity Exchange of India Ltd (MCX) and Forward Markets Commission (FMC) jointly organised an awareness programme in association with Balasore Jewellery Association at Balasore, Odisha on July 14, 2015. The programme was designed particularly for the members of the association.

The experts addressing the forum highlighted the advantages of an efficient derivatives market alongside communicating the benefits of hedging and price discovery offered by commodity futures market. The participants were further explained about the use of an exchange platform such as MCX to manage risk to which they would be exposed to in the current environment of global uncertainty, and volatility associated with commodity prices.

During the seminar there were sessions on Introduction to Commodity Derivatives, History of Commodity Derivatives Markets, Regulation, Trading and Settlement, and Economic Benefits of Commodity Derivatives, among others.

The experts from MCX apprised the participants about the launch of new contract Gold Global, which is an international price based contract, exclusive of import premium, customs duty, sales tax/VAT, and domestic market premium among others, would be available for trade on the Exchange starting today. They explained in detail about the contract specifications of the new contract, which has been designed keeping in mind the requirements of refiners, exporters, jewellers, including larger bullion physical market participants, involved in import of gold bars and re-export of jewellery. They further highlighted the fact that the stakeholders who have a significant exposure to international gold prices, will now be able to effectively hedge against any adverse movement in prices.

Mr. Dhruba Rana, President, Balasore Jewellery Association said, “Looking at the current scenario where there is extreme uncertainty in the global economy and high volatility in bullion prices, it is important for bullion stakeholders to hedge against risks arising out of these factors.”

“We congratulate MCX on the launch of Gold Global contract, which would prove to be a hedging haven for refiners, importers, jewellers and exporters among others. We are hopeful that MCX will continue to introduce such innovative products even in the near future thereby enabling the commodity stakeholders to effectively manage risks.”

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