Multi Commodity Exchange (MCX) on Monday launched futures trading in carbon credits.
On the first day of trading, the exchange received good response (till 5 pm) in the first session with the total trading volume of all the contracts reached at 9,600 tonne (48 lots) and open interest 8,000 tonne (40 lots).
Concurrently five contracts of carbon credits are available on the exchange platform with expiry in December 2008,
The trading unit of carbon credits is 200 tonne where each tonne of carbon credit (carbon dioxide emission allowance) being an entitlement to emit one tonne of carbon dioxide equivalent gases.
On Monday, the December 2008 contract was opened at Rs 1,280 per tonne on weak note but it reached to a day?s high of Rs 1,333 and finally settled at Rs 1280 per tonne (at 5.00 pm).
With India supposed to be a major supplier of carbon credits, the launch is expected to ensure better price discovery, besides covering risks associated with buying and selling.