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Our Bureau

Mumbai, Oct. 6 On the back of encouraging demand for its newly-launched Hindustan Zinc Silver auction contract, MCX-promoted National Spot Exchange (NSEL) will extend the trading time by an hour from 1 pm to 3 pm.

The exchange has sold 4,000 kg of silver worth Rs 10.15 crore since it was launched two weeks ago. On Monday, about 240 kg were sold at Rs 25,650 a kg, recording a turnover of Rs 61.56 lakh.

The compulsory delivery forward auction contract for silver 30 kg bar with 99 per cent purity will be settled on T+1 basis. The ex-Jaipur prices quotes are exclusive of VAT (value-added tax). The silver bars will be supplied by only by Hindustan Zinc and no other make, either domestic or imported, will be deliverable.

During the auction session, the top five highest bidders including their quantity and price will always be reflected on the trading screen. The quantity available for sale on a particular day will be displayed on the trading screen. During last five minutes of trading, buyers are allowed only to increase the price or quantity but not to reduce it. Similarly, the seller cannot increase the price or reduce quantity during last five minutes. Hindustan Zinc is one of the biggest silver producing companies in Asia with a total production of about 100 tonnes per annum (tpa). India consumes 3,200 tonnes a year. Hindustan Zinc silver production is set to increase to about 500 tpa. Of the total silver demand, 77 per cent is met through imports and 20 per cent through secondary and scrap silver.

More Stories on : Commodity Exchanges | Gold & Silver

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