MCX has unveiled METLDEX futures expiring in November 2020, December 2020 and January 2021.Multi Commodity Exchange (MCX), the country's leading commodity bourse, launched Base Metals Index 'METLDEX' on October 19.

The base metal index comes just over a month after the launch of MCX Bullion Index, BULLDEX.

The bullion index was launched on August 24, with gold and silver as underlying.The Base Metals Index will track real-time performance of a basket of MCX Base Metal (near month) futures, viz.

zinc, copper, nickel, lead, and aluminium, MCX said in a statement.

In the Base Metals Index, zinc carries a weightage of around 33.06 per cent, copper accounts for 29.81 per cent, nickel has 14.77 per cent weightage, lead, 12.88 per cent and aluminium, 9.48 per cent, MCX added."(Base Metals) Index trading will facilitate instant portfolio diversification and encourage passive, thematic elements in portfolios.

The Index will soon emerge as a new real time barometer for Indian metal industry," MCX Managing Director and CEO P S Reddy said.MCX has unveiled METLDEX futures expiring in November 2020, December 2020 and January 2021, as of now.

At least 3 consecutive month contracts will be available at any given time.

The lot size of each contract is 50 times that of underlying MCX iCOMDEX Base Metals Index and tick size (minimum price movement) is Rs 1.The METLDEX futures contracts will be settled in cash between 4 pm and 5 pm on the expiry day of the index futures contract and the final settlement price will be based on the Volume Weighted Average Price of the underlying constituents.