| Aspect | Stock Exchange | Commodity Exchange |
|--------|----------------|
| Kya trade hota hai | Company shares (ownership) | Physical goods contracts |
| Price ka basis | Company earnings, growth | Supply-demand, weather, geopolitics |
| Delivery | Shares electronically transfer hote hain | Physical goods YA cash settlement |
| Contract expiry | Koi expiry nahi (perpetual ownership) | Fixed expiry dates (monthly/quarterly) |
| Purpose | Capital raise karna, companies mein invest karna | Price discovery, hedging, speculation |
Yeh kyun matter karta hai: Jab tum Reliance stock khareedte ho, tum company ka ek hissa own karte ho hamesha ke liye (jab tak sell na karo). Jab tum MCX par gold futures contract khareedte ho, tumhare paas ek obligation hota hai jo expire hota hai—ya toh gold deliver karo, delivery lo, ya expiry se pehle cash-settle karo.
Electronic Trading Platform: Saare orders terminals ke zariye place hote hain (jaise NSE/BSE), koi physical pits nahi.
Standardized Contracts: Har contract exact quantity, quality, delivery location specify karta hai. Example: standard MCX Gold (GOLD) contract = 1 kg (1000 grams) of 0.995 fineness. MCX chhote variants bhi offer karta hai (GOLDM = 100 g, GOLDGUINEA = 8 g) retail traders ke liye.
Mark-to-Market (MTM): Daily settlement of profits/losses (bilkul equity futures ki tarah).
Delivery vs Cash Settlement: Zyaadatar traders positions ko expiry se pehle close kar dete hain (cash-settled). Sirf ~1-2% hi physical delivery lete hain exchange-approved warehouses ke zariye.
Indian traders directly inpar trade nahi kar sakte, lekin MCX prices aksar global benchmarks track karti hain (e.g., MCX Crude Oil NYMEX WTI Crude reference karta hai, lekin INR mein cash-settled hota hai).
Commodity Trading Account Kholo: SEBI-registered broker ke saath (jaise Zerodha, Angel One). Equity demat account se alag hota hai.
Contract Chuno: Available contracts browse karo (Gold, Silver, Crude Oil, etc.). Har ek mein hota hai:
Expiry date: Last trading day (monthly contracts).
Lot size: Fixed quantity (e.g., standard Silver contract = 30 kg).
Tick size: Minimum price movement (e.g., ₹1 per 10 grams of gold).
Order Place Karo: Buy (go long) ya Sell (go short). Exchange tumhara order opposite side se match karta hai.
Daily MTM Settlement: Har din, tumhara P&L settlement price ke basis par calculate hota hai aur tumhare margin account mein credit/debit hota hai.
Expiry Se Pehle Exit Karo (sabse common): Opposite trade lekar apni position square off karo. E.g., agar tumne 1 Gold contract khareeda hai, toh 1 Gold contract becho.
Physical Delivery (rare): Agar tum expiry tak hold karte ho, tumhe:
Buyer: Full contract value pay karo, gold ka warehouse receipt lo.
Seller: Exchange-approved warehouse mein gold deliver karo, payment lo.
Ek regulated marketplace provide karna physical goods ke standardized contracts ke liye, jisse price discovery, risk management (hedging), aur transparent trading enable ho sake bina zyaadatar trades ke liye actual physical delivery handle kiye.
MCX ka full form kya hai aur India ke commodity derivatives mein uska market share kya hai?
Multi Commodity Exchange of India Ltd. Yeh India ke commodity futures trading volume ka approximately 95% account karta hai aur India ka sabse bada commodity exchange hai.
Standard MCX Gold (GOLD) contract ka lot size aur fineness kya hai?
1 kg (1000 grams) of 0.995 fineness. Chhote variants mein GOLDM (100 g) aur GOLDGUINEA (8 g) retail traders ke liye shamil hain.
Commodity futures contract ke liye contract value kaise calculate hoti hai?
Contract Value = Lot Size × Price per Unit. Yeh fixed quantity ko specified price par kharidne/bechne ke agreement ki total notional value represent karta hai.
Daily settlement jahan din ki settlement price ke basis par profits aur losses calculate hote hain aur trader ke margin account mein credit/debit hote hain, contract expiry se pehle bhi.
Commodity margins equity margins se alag kyun hain?
Commodity margins roz volatility aur delivery risk ke basis par vary karti hain, SPAN (Value-at-Risk models) se calculate hoti hain, typically 5-8%. Equity intraday margin ~20% hai, jabki equity delivery mein 100% payment zaroori hai.
NCDEX kya hai aur yeh MCX se kaise alag hai?
National Commodity & Derivatives Exchange, 2003 mein established, agricultural commodities (wheat, soybean, chana, jeera, turmeric) par focus karta hai jabki MCX bullion, base metals, aur energy products mein specialize karta hai.
Electricity futures Indian Energy Exchange (IEX) par trade hote hain; diamond futures ICEX (Indian Commodity Exchange) par trade hote hain.
MCX Crude Oil kaise settle hota hai?
MCX Crude Oil NYMEX WTI global benchmark reference karta hai lekin Indian Rupees (INR) mein cash-settled hota hai, US dollars mein nahi.
Commodity hedging mein basis risk kya hota hai?
Yeh risk ki futures contract price movement actual physical commodity price movement se perfectly match nahi karti, delivery location, quality specifications, ya futures settlement aur physical purchase ke beech timing ke differences ki wajah se.
Agar tum expiry se pehle commodity futures position square off nahi karte toh kya hota hai?
Tum physical delivery ke liye obligated ho jaate ho—buyers ko full contract value pay karni padti hai aur warehouse receipts leni padti hai; sellers ko actual commodity exchange-approved warehouses mein deliver karni padti hai. Failure par penalties lagti hain.
MCX prices ko directly retail commodity prices se compare kyun nahi kiya ja sakta?
MCX prices bulk, standard-quality contracts ke liye specific delivery locations par hoti hain. Retail prices mein additional costs shamil hain: making charges, GST, purity differences, transportation, aur retailer margins.
Recall 12 Saal Ke Bacche Ko Samjhao
Socho tumhara ek lemonade stall hai. Abhi lemons ₹5 each milte hain. Lekin 3 mahine mein summer aa raha hai, aur tumhe dar hai ki prices ₹10 tak badh jaayein. Tum future lemons ke liye aaj ki ₹5 price lock in karna chahte ho.
Toh tum fruit seller ke saath ek deal karte ho: "Main tujhe ₹5 per lemon dunga 3 mahine mein, market price jo bhi ho." Fruit seller agree karta hai kyunki usse dar hai ki prices ₹3 tak gir sakti hain, toh woh ₹5 lock in karna chahta hai.
Yeh deal ek futures contract jaisi hai. Ab, na tum lemons uthana chahte ho na store karna. Toh actual lemons exchange karne ki jagah, tum sirf price mein difference settle karte ho. Agar 3 mahine mein lemons ₹10 ke hain, seller tumhe ₹5 per lemon deta hai (difference). Agar ₹3 ke hain, tum use ₹2 per lemon dete ho.
MCX woh bada marketplace hai jahan hazaron aise "lemon deals" (lekin gold, silver, oil, etc. ke liye) roz hote hain. Sabko prices dikhti hain, rules hain taaki koi cheat na kare, aur zyaadatar log actually gold ya oil exchange nahi karte—woh sirf price difference settle karte hain. Yahi ek commodity exchange hai!
