MCX - Bullion Volumes Continue To Soften: ICICI Securities
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ICICI Securities Report
December 2020-to-date Multi Commodity Exchange of India Ltd. average daily traded value (ADTV) came in at Rs 297 billion versus Rs 432 billion in August 2020, continuing its downtrend for fourth consecutive month due to declining bullion volumes.
Gold / silver ADTV has moderated from Rs 122 billion / Rs 176 billion in Aug-20 to Rs 69 billion / Rs 87 billion in Dec-20-to-date, respectively.
Crude ADTV continues to remain lower at Rs 11 billion and has declined 61% month-on-month in Dec-20-to-date.
Securities and Exchange Board of India’s decision for resolution over higher crude oil margins remains a near-term trigger for the stock.
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