better not to trade in mcx for few days …
Its a valid question for no investment even margin requirement also becomes negative, buyer gets money !!!. So negative closing is illogical. Hence MCX think of not closing @ minus 2880 price.
Negative price is not legally tenable. Hope immediately brokers file writ petitions in the High/Apex court.
Buying crude at negative price is also crazy. If price is negative what is the margin amount ? Its negative. Then buying is free for all. Its illogical. Brokers should approach court immediately.
Why buyer need to pay for negative. Let seller deliver its for the buyer to store it. Seller need not be sympathetic to buyer about storage, If seller truly sympathetic should not demand negative price , there is no zero currency and negative currency impossible, Exchange should apply fair rule in deciding the closing price. Rules made in normal circumstances are not valid extraordinary circumstances. MCX immediately correct anamoly. And close april crude price above zero. Thats fair. Seller do not loose. Buyer atleast breath a sigh of relief.
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Such things reduce maket participation.things should be fair.
price went into negative territory because buyers dont want to take delivery