MCX Records Massive ₹5.16 Lakh Crore Turnover: Gold and Silver Plunge as Crude Oil Rallies

Mumbai. Tuesday, 26 May 2026

India’s premier commodity exchange, the Multi Commodity Exchange of India Ltd. (MCX), witnessed an extraordinarily high-volume trading session on Tuesday. Total combined turnover rocketed past the ₹5,16,719.54 crore milestone, fueled by heavy options hedging and a sharp divergence between precious metals and global energy segments.

While precious metals faced aggressive liquidations following a strong macro shift, the energy market—spearheaded by crude oil—rallied firmly.

The Massive Surge in Options Trading

A closer look at the data reveals that the bulk of the market action has fundamentally shifted toward commodity options. Out of the ₹5.16 Lakh Crore total volume, traditional commodity futures brought in ₹29,179.66 crore. Meanwhile, commodity options registered a staggering notional turnover of ₹4,87,539.88 crore, with premium turnover accounting for ₹2,624.51 crore.

This trend underscores a growing preference among Indian retail and institutional traders for options, which offer high leverage with capped premium risks.

Bullion Breakdown: Gold and Silver Face Sharp Corrections

Safe-haven assets took a major hit during Tuesday’s session as macro data triggered a wave of selling pressure across all bullion expiries. Total trading in the precious metals segment reached ₹18,747.33 crore.

• Gold June Futures: Opened at ₹1,58,789 per 10 grams, hitting an intraday high of the exact same figure before tumbling to a low of ₹1,57,735. The contract settled down ₹1,292 or 0.81% at ₹1,57,789.

• Silver July Futures: Suffered an even steeper correction. The contract crashed ₹5,618 or 2.03%, ending the session at ₹2,71,098 per kg after touching an intraday low of ₹2,69,913.

Smaller retail contracts also mirrored this downward trend. Gold Petal May futures dropped 0.95% to ₹15,789 per gram, while Silver Micro June contracts slipped 1.89% to ₹2,75,080 per kg.

Energy Rally: Crude Oil and Natural Gas Surge Higher

In stark contrast to the equity and bullion pullbacks, the energy segment traded with high bullish momentum, clocking an aggregate turnover of ₹5,830.86 crore.

• Crude Oil June Futures: Rebounded sharply from an intraday low of ₹8,749, closing up a strong 3.12% at ₹8,895 per barrel.

• Natural Gas May Futures: Rose by 0.90% to ₹280 per MMBTU, supported by emerging shifts in weather demand patterns and inventory expectations.

Market Liquidity and Open Interest (OI) Analysis

Market participation remained dense across both retail and high-net-worth individual (HNI) categories. The exchange’s liquidity distribution highlights where the heavy money concentrated during the session:

[Most Active MCX Contracts by Value]

Gold Contracts:         █████████████████████ ₹10,339.89 Cr
Silver Contracts:       █████████████████ ₹8,407.44 Cr
Crude Oil Contracts:    ████████ ₹3,909.30 Cr
Copper Futures:         ██████ ₹3,057.33 Cr
Natural Gas Futures:    ████ ₹1,903.46 Cr

Open interest data shows that retail traders are heavily leaning into fractionalized commodities to manage margin requirements. Gold Petal futures held an immense open interest of 3,24,185 lots, while Silver Micro maintained 84,206 open lots, indicating that smaller speculative positions are keeping market depth remarkably resilient.

Critical Fact-Check & Data Corrections

When reviewing rapid market updates, clarity on premium vs. notional values is vital to avoid skewing market depth analysis:

• Options Turnover Clarification: It is crucial for investors to distinguish between notional turnover (₹4,87,539.88 crore) and premium turnover (₹2,624.51 crore). Notional turnover represents the total underlying value of the contracts, whereas premium turnover represents the actual cash changing hands between buyers and sellers. Speculators should monitor premium turnover to accurately gauge real market liquidity.

• Intraday Pricing Spikes: The Gold June contract’s opening price perfectly matched its intraday high at ₹1,58,789. This structural pattern indicates immediate, aggressive short-selling from the opening bell without any upward recovery room during the session.

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