MCX shares hit 52-week high as exchange set to launch commodity platform

Following the announcement of the launch date for a new commodity derivatives platform by the Multi Commodity Exchange (MCX), the bulls showed strong support for the company’s stocks. Today, the share price of MCX opened positively at ₹1,971 per share and quickly reached an intraday high of ₹2,104.15 per share on the NSE within a few minutes of the stock market’s opening. This intraday high also marked a new all-time peak for MCX shares. The continuous rise in MCX’s software support charges was reportedly impacting its profits. Consequently, the company might incur losses due to the increased costs.


The Multi Commodity Exchange (MCX), established in 2003 as the commodity exchange of India, officially declared the implementation of the new commodity derivatives platform on October 3, 2023. The exchange issued an official announcement, stating, “In terms of the provisions of the Rules, Bye-Laws and Business Rules of the Exchange and in continuation of the earlier circular no. MCX/TECH/624/2023, dated September 18, 2023, members of the Exchange are notified as under: Exchange will go live with the new Commodity Derivatives Platform with effect from Tuesday, October 03, 2023.” MCX concluded its contract with 63 Moons, the technology company overseeing its trading operations, in September 2022. The primary factor leading to the termination of the agreement was the increasing monthly contract cost for software support.

Furthermore, MCX has announced its intention to conduct mock trading on October 2, 2023, providing an opportunity for members to participate, validate setups, and establish connections during the mock session. A separate circular will be issued for this purpose. The Exchange system will be available for login from 6:00 am onwards on October 3, 2023, facilitating early login and verification.

MCX is poised to launch its new commodity derivative platform, powered by Tata Consultancy Services (TCS), and the mock session is expected to proceed without issues. Assessing the impact of this move on MCX and the Indian commodity market, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, remarked, “The step is a welcome one as new technology will smoothen the trading experience of the members. It is expected to benefit MCX also via a rise in trade volume.” This isn’t the first instance of MCX adopting a new technology platform. Previous attempts faced obstacles due to technical issues, leading to the renewal of their agreement with 63 Moons. In June of this year, MCX extended its contract with 63 Moons until December 2023, with a quarterly price of ₹125 crore, totaling ₹250 crore for the July-December 2023 period.