The Multi Commodity Exchange of India Ltd (MCX) introduced futures trading in silver micro April and June 2011 contracts.
Meanwhile, the trading unit was fixed at 1 kg and tick size (minimum price movement) was fixed at Re 1 per kg whereas the maximum order size will be 600 kg.
MCX Deputy Managing Director P K Singhal said that the silver micro is an innovative product from MCX which is said to be an investment product and a hedging tool.
Multi Commodity Exchange (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai.
The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange