1. Read the contract specification
Every MCX contract has a specification: the trading unit (lot), the quotation, the tick size, daily price limits, the expiry date and how it settles, in cash or by delivery. Multiply the trading unit by the quotation to find what a 1-rupee move is worth on one lot.
| Contract | Trading unit | Quoted per | ₹1 move per lot |
|---|---|---|---|
| Gold | 1 kg | 10 grams | ₹100 |
| Gold Mini | 100 grams | 10 grams | ₹10 |
| Silver | 30 kg | 1 kg | ₹30 |
| Silver Mini | 5 kg | 1 kg | ₹5 |
| Crude Oil | 100 barrels | 1 barrel | ₹100 |
| Crude Oil Mini | 10 barrels | 1 barrel | ₹10 |
| Natural Gas | 1,250 mmBtu | 1 mmBtu | ₹1,250 |
2. Trading hours
- Non-agricultural commodities (bullion, base metals and energy): 9:00 am to 11:30 pm while the US is on daylight saving time, from about mid-March to early November, and 9:00 am to 11:55 pm otherwise. In 2026 the close returns to 11:55 pm from 2 November; MCX announces each change by circular.
- Agricultural commodities: 9:00 am to 5:00 pm, and to 9:00 pm for cotton, cotton oil and kapas.
- Brokers close intraday commodity positions some minutes before the market closes. The cut-off is set by your broker.
Bullion and energy follow international prices, so US economic data and inventory reports released in the Indian evening move these contracts during the evening session. An intraday commodity call can run long after the equity market has closed.
3. Expiry, delivery and rollover
- Each contract has an expiry date. Holding a view beyond it means exiting and entering the next month's contract (rollover); the two trade at different prices.
- Some contracts, such as crude oil and natural gas, settle in cash. Others, including gold and silver, can end in delivery: a position still open in the delivery period can create an obligation to give or take delivery. Check the delivery dates in the specification.
- Daily price limits apply, and trading in a contract can pause when a limit is reached.
4. Sizing a commodity call
| Step | Value |
|---|---|
| Entry and stop-loss | 1,000 and 940: ₹60 per barrel |
| Risk per lot | 60 × ₹10 = ₹600 |
| Lots for ₹2,000 | 3 lots (₹1,800 at risk) |
The same levels on the full Crude Oil contract risk ₹6,000 per lot, so that budget fits no full lot. Mini contracts make smaller positions possible.
5. Margin and overnight positions
Commodity futures are traded on margin collected upfront, with daily mark-to-market settlement. A position held overnight is exposed to moves in international markets between the late-evening close and the 9:00 am open.
Sources
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In this track: Commodities
- MCX commodities: contracts, sessions and expiry
