Bernstein Sees Bright Future for MCX Amid Commodity Derivatives Boom
International brokerage firm Bernstein has taken a more favorable view of MCX over BSE, assigning an Outperform rating to the commodity exchange and an Underperform rating to the stock exchange. The brokerage sees strong momentum in commodity derivatives and believes the participation wave is still at an early stage.
Bernstein notes that contracts traded on MCX have shown exceptional growth momentum, with volumes growing fourfold year-on-year in July 2026 and rising 2% month-on-month in August. Commodity derivatives account for around 25% of equity derivatives' active traders and about 10% of option volumes.
The brokerage is also positive on gold prices, although it has not factored potential upside into its forecasts. MCX futures segment revenues have a direct link to gold and silver prices, with higher prices translating into higher turnover.