MCXCCL accredits its 1st warehouse for base metals in FTWZ

The Multi Commodity Exchange Clearing Corporation MCXCCL on Friday said it has accredited its first warehouse for base metals in Arshiya Free Trade Warehousing Zone FTWZ Panvel, Mumbai. With this, MCXCCL has expanded the scope of collateral to include metal deposits at the FTWZ, the company said in a statement.

The Multi Commodity Exchange Clearing Corporation (MCXCCL) on Friday said it has accredited its first warehouse for base metals in Arshiya Free Trade Warehousing Zone (FTWZ) Panvel, Mumbai. With this, MCXCCL has expanded the scope of collateral to include metal deposits at the FTWZ, the company said in a statement. ''By facilitating the FTWZ connect, we invite importer participation on the Exchange to hedge with the added benefit of availing margin benefit,'' MCXCCL MD and CEO Narendra Ahlawat said.

It will benefit clients who would like to hold goods for a longer duration without going through the duty payment and clearing.

This way, they can avoid clearing of goods without a committed buyer, and otherwise, can redirect the cargo to other destinations, the statement added.