Multi Commodity Exchange (MCX) and the Indian Commodity Exchange (ICEX) have reduced trading hours to 8 hours from March 30 amid the coronavirus lockdown. The new timings will last till April 14. Currently, trading on the commodity market is done from 9 am to 11 pm.
"In view of the Novel Covid19 virus pandemic outbreak and the nation-wide lockdown of 21 days in the country and pursuant to discussions with SEBI, it has been decided to revise Trading timings, from Monday, March 30, 2020, to Tuesday, April 14, 2020, for all commodities," the press release said.
The pre-open session meant for cancellation of orders with GTC/ GTD validity will start 15 minutes prior to the trading time. MCX added that there would be no evening session (trading session) available on April 2, 2020, April 6, 2020, and April 14, 2020.
Further, there will be no change in the staggered delivery tender period for any commodity, it added.
As per the press release, members are requested to further note that if there are any changes in the market timings beyond April 14, 2020, then the same will be informed through a separate circular.
Prime Minister Narendra Modi on March 24, 2020 imposed a 21-day lockdown on rising number of coronavirus cases in the country. The number of infected cases in India has increased to 606, with 43 people recovering from the infection.The death toll from coronavirus in India rose to 12 till Wednesday.