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The regulator is also examining a proposal to allow foreign portfolio investors (FPIs) to trade in non-cash settled, non-agricultural contracts. Currently, FPIs are restricted to cash-settled products such as crude oil and natural gas. Broader access to bullion and base metals, analysts say, could boost activity on domestic exchanges like MCX.
Pandey further said commodity brokers will be brought under Samuhik Prativedan Manch, a unified compliance reporting framework, by December 2025. He added SEBI is also working with the government to address GST-related hurdles in physical delivery of commodities.
MCX is India's first listed electronic exchange with pan India presence. MCX is India’s leading commodity derivatives exchange with a market share of about 98.80% in terms of the value of commodity futures contracts traded in Q1 FY2025-26 (April 2025 – June 2025).
On a consolidated basis, MCX's net profit for Q1FY26 came in at Rs 203.19 crore, marking an 83% year-on-year (YoY) rise from the same quarter last year. On a sequential basis, profit rose 50% over Q4FY25. Income from operations jumped to Rs 373.21 crore, up 59% YoY and 28% QoQ.
Multi Commodity Exchange of India announced the launch of Nickel futures contract effective 18 August 2025. The contract will contribute to efficient price discovery and encourage greater value chain participation across the country.
Nickel is a critical industrial metal and a key raw material in the stainless steel making, electroplating, EV batteries and other engineering industries. As India is dependent on Nickel imports, the Nickel consuming industries are exposed to price volatility and supply disruptions, adding significant pressure on their business margins.
The launch of the Nickel futures contract will provide a robust mechanism for these industries to help them manage their price risks, making them more competitive. As the contract is an INR denominated one, it will help the participants to not only hedge their commodity price risk but also their currency risk. In addition to physical market players, the contract will provide opportunities to financial participants and investors as an asset class for portfolio diversification and liquidity.
The trading unit and the delivery unit will be 250 kgs and 1500 kgs respectively, effective from the September 2025 expiry contract onwards. The last trading day will be the third Wednesday of the expiry month, or the preceding working day in case of a holiday. Thane will be the designated delivery centre and the delivery period will be the last 3 working days of the contract month. The Exchange will accept only LME approved Primary Nickel cathodes with minimum purity of 99.80% as good delivery.
The tick size will be ₹0.10 per kg, daily price limits of 4%, and margins set at a minimum of 10% or SPAN, whichever is higher.