- Shares of MCX dropped 17% from record high after major sell-off in MCX silver on Sunday
- MCX stock recovered to trade 11.65% lower at Rs 2,528 apiece after hitting intra-day low of Rs 2,148.80
- Silver prices on MCX fell up to 10%
Shares of Multi Commodity Exchange of India Ltd. fell 17% from record high of 2,706 after a major sell off in MCX silver, making it the sharpest singe-day fall in five years on Sunday.
The stock recovered to trade 11.65% lower at Rs 2,528 apiece, after falling to an intra-day low of Rs 2,148.80 apiece in early trade.
Continuing on the sharp drawdown over the last two days, silver prices fell again up to 10% on the MCX as the global sell-off in the metals market continued. The MCX silver is currently trading 6.14% lower around Rs 2.74 lakh.
Other major metal stocks also dragged with shares of Hindustan Zinc Ltd. trading 11.11% lower at Rs 564 apiece, Hindustan Copper Ltd. plunging over 14% to Rs 586.65, National Aluminium Company Ltd. trading 10% lower at Rs 348.05, and Vedanta Ltd. falling over 5% to Rs 644.80 apiece.
Commodity prices have been volatile globally ever since US President Donald Trump nominated Kevin Warsh as the new Federal Reserve Chair.
His tenure will likely result in an appreciation of the US greenback, which may drive investors away from safe haven assets such as gold and silver.
However, his view appears to have softened over the last few months. Warsh has aligned closely with Trump's push for lowering interest rates and has been seen arguing in favour of the same. Still, analysts expect him to revert back to old ways as soon as inflation pressures start mounting.
ALSO READ: Nifty Metal Extends Losses: Hind Copper, Vedanta, Others Plunge Over 10%
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