What happensone forgot to square off positions in MCX commodity markek crude oil n other commodity

General
1

I bought 1 lot of MCX crude oil (march series) @ price of 2276 . The expiry was yesterday i.e., 18th march and I forgot to square-off the same. I did not realize that yesterday was expiry, . The crude oil closed at 18 march 2016 ---- 2261 yesterday.


I am worried.

What happens to the unclosed positions. I have no intention of taking delivery for crude oil where will i store it . Also, no warehouse and worst off all there is not sufficient funds in my trading a/c to take the delivery . 

Will there be any penalty for not honoring delivery. If yes, what would be the penal amount. how the exchange will settle trade.
 

Will it push up the penalty, if any for not squaring off ? 

I have never been in such situation.

An example will help all to understand better 

2

Check this question, has a list of compulsory delivery commodities. 

Crude is cash settled, that means all your positions get squared off at 18th March final settlement price also called Due date rate. 

1 Like
3

18 March 16 for crude final settlement price Due date rate. was 2627 are you aware about the calculation behind it