The Comprehensive Commodity Exchange of India (MCX), India's largest non-agricultural commodity exchange, resumed trading around 1pm on Tuesday after experiencing technical issues that led to a temporary shutdown. According to a circular issued by MCX, the trading hours for the commodity derivatives sector on February 13, 2024 will be changed from 9 a.m. to 1 p.m.
Initially, the deal was delayed until 11am due to file generation issues. However, no trading took place after the normal trading start time of 9 a.m.
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Anuj Gupta, Head of Commodities and Currencies at HDFC Securities, said this is the first time such an issue has arisen since the launch of the new trading platform. According to the ET report, he attributed the issue to a glitch in MCX's software, which affected margin, collateral and position uploads within the system.
As reported by ET Now, both MCX and technology vendor Tata Consultancy Services (TCS) are actively working on resolving this issue. MCX facilitates trading in a variety of products including bullion contracts (gold and silver), base metals, energy (crude oil and natural gas), and agricultural products such as cotton, crude oil, kapas, and mentha.
Shree Jain, founder and CEO of SAS Online, said brokers are eagerly awaiting positions, margin and trade files from MCX as processing of previous trading sessions is pending. said. Once the file is received, a start-of-the-day process begins to prepare the system for today's trading.
Meanwhile, MCX stock fell over 3 per cent to hit the day's low of Rs 3,375 on the NSE.