Matribhumi Samachar English
Mumbai. Monday, 25 May 2026
The Multi Commodity Exchange of India (MCX), based in Mumbai, recorded an exceptionally high-volume trading session with total turnover hitting a massive ₹2,41,941.95 crore. Market data reveals that the session was primarily fueled by explosive growth in commodity options trading rather than traditional futures contracts.
Options trading accounted for a staggering notional turnover of ₹2,17,156.58 crore (roughly 90% of total activity), with total premium turnover at ₹2,235.79 crore. Meanwhile, futures contracts across diverse segments drew a respectable turnover of ₹24,785.38 crore.
Precious Metals Capture Spotlight with Strong Bullion Buying
Safe-haven demand and strong market momentum led to intense buying pressure in the precious metals segment, pushing total combined gold and silver transactions to ₹16,161.30 crore.
Gold Stabilizes Above Crucial Marks
The MCX Gold June futures opened firmly at ₹1,59,150 per 10 grams, briefly touching a session peak of ₹1,59,500. It hovered near ₹1,59,388, locking in a net daily gain of 0.45% (up ₹709). Retail-centric contracts also registered positive traction across the board:
-
Gold Mini June Futures: Gained 0.52% to settle at ₹1,58,950 per 10 grams.
-
Gold Guinea May Futures: Climbed 0.37% to ₹1,27,676 per 8 grams.
-
Gold Petal May Futures: Advanced 0.33% to ₹15,969 per gram.
Silver Outpaces Gold on Bull Run
Silver futures experienced significantly sharper momentum, with the July benchmark contract skyrocketing by ₹4,876 (1.79%) to finish at ₹2,76,722 per kilogram after touching an intraday high of ₹2,77,245. Fractional contracts tracked the broader rally closely:
-
Silver Mini June Futures: Jumped 1.65% to ₹2,80,547 per kilogram.
-
Silver Micro June Futures: Surged 1.64% to ₹2,80,564 per kilogram.
Energy Under Intense Pressure: Crude Oil Down Over 5%
In sharp contrast to the buoyant bullion counters, the energy segment—which recorded total transactions worth ₹5,533.80 crore—was hard hit by a localized supply glut and macro headwinds.
MCX Crude Oil June futures suffered a devastating intraday slump, plummeting by ₹479 or 5.22% to close near ₹8,689 per barrel after starting the day at ₹8,802. The Crude Oil Mini contract replicated this weakness with a 5.21% drop to ₹8,690 per barrel. Natural Gas futures also faced a downward bias, losing 0.65% to fix at ₹275.2 per MMBTU, though recovering slightly from an aggressive intraday low of ₹267.4.
Base Metals Maintain Firm Foothold; Agri Trades Flat
Industrial commodities and base metals kept an evenly firm posture, yielding a net segmental turnover of ₹3,030.20 crore.
-
Copper: The May futures contract acted as the volume heavy-hitter for the base metals basket, accounting for ₹2,351.17 crore in turnover while ticking up 0.31% to ₹1,348.9 per kilogram.
-
Zinc: Rose 1.01% to sit at ₹373.7 per kilogram.
-
Aluminium & Lead: Edged higher by 0.14% (₹386.5/kg) and 0.2% (₹203.15/kg) respectively.
-
Mentha Oil: Maintained static consolidation in the agricultural segment, crawling up a marginal 0.02% to trade at ₹964 per kilogram.
Key Technical Indicators: Open Interest & Option Chain Extremes
Open Interest (OI) pools across active tranches remained structurally robust, reflecting strong underlying liquidity and overnight carry-forwards.
Open Interest Distribution
-
Gold Complex: Gold futures held 9,629 lots, Gold Mini stood at 62,602 lots, and retail-dominant Gold Petal contracts logged an immense 3,18,730 lots.
-
Silver Complex: Silver main futures stood at 9,900 lots, Mini at 25,124 lots, and Micro at 79,596 lots.
-
Energy Complex: Crude Oil futures held 16,181 lots of open interest while Natural Gas sat at 26,086 lots.
Derivatives Chain Highlights
The sharp divergences between asset classes triggered violent swings in implied premiums. On the bullish side, the Silver May ₹2,80,000 Strike Call Option swelled to ₹1,349 per kilogram, while the corresponding protective ₹2,70,000 Put Option collapsed down to ₹641.5 per kilogram. Conversely, on the bearish crude oil front, the Crude Oil June ₹10,000 Strike Call was wiped out down to ₹277 per barrel, whereas the defensive ₹8,000 Strike Put Option appreciated rapidly to trade at ₹338 per barrel.
Fact-Checks
While the trading session showcased immense liquidity, a meticulous review highlights critical mathematical and structural corrections that analysts must differentiate:
Notional vs. Real Turnover: The massive headline figure of ₹2.41 Lakh Crore is predominantly a notional options figure. The real financial weight flowing through the exchange via premium exchanges and futures margins is closer to ~₹27,021 crore (Premium turnover + Futures turnover), a critical distinction for evaluating actual systemic exposure.
Silver Premium Multipliers: Due to higher standardized contract sizes (30kg for main Silver vs. 10g for Gold), the point-to-point daily jump of ₹4,876 per kg on Silver represents massive per-lot capital swings, explaining why option premiums for the May out-of-the-money options remained exceptionally volatile.
