MCX completes first physical delivery of zinc from futures platform

Commodity bourse MCX Thursday said it has completed the first physical delivery of 430 tonnes of zinc, a base metal, traded through the April futures contract. "Pay-in and pay-out of the contract concluded today (Thursday) for a quantity of 430 tonnes. The contract was settled with no delivery defaults," MCX said in a statement.

The deliveries were made by two entities Indu Corporation, through IIFL Wealth Management, and Phoenix Industries, through Motilal Oswal Financial Services Ltd (MOFSL), it said. The metal was delivered at the MCX-approved warehouse at Bhiwandi in Thane district of Maharashtra.

The 'Zinc 5 tonne' futures contract with compulsory delivery was launched in January.