Formula for Converting Comex Siver price into MCX Silver price --
Factor You should take into considerationA] Spot Silver per Oz in USD = 49.82( Just ass example) Variable
B] Troy Ounces = 31.103477 Gram Constant
C] MCX Price Quotation = 1000 Gram Constant ( 1 KG)
D] Current Currancy Rate = 1 USD = 44.44 INR Variable
E] Import Duty per 10 Gram = 2411 INR Constant
F] Days left to Expiry = 10 Days(for MCX Silver Future contract expiring 05/05/11) Variable
G] Cost of Carry per Day for 1000 Gram = 1 INR Constant It worked most of time for me. But you can change it as per market and your expectation.
Fair Price formula for 1000 Gram in INR
Step 1 – Calculate Spot Silver Price (USD) in Gram = A/B = 1.6017
Step 2 – Calculate Spot Gold Price as per MCX Quotation = (A/B)*C = 1601.7
Step 3 – Convert it into INR = (A/B)*C*D =71179
Step 4 – Add Import Duty = [(A/B)*C*D]+E = 73590
Step 5 – Add Cost of Carry to Get Future Contract Price = [(A/B)*C*D]+E+(F*G) = 73600
Step 6 – Always Round off it to nearest INR = 73600
73600 Today High in MCX
49.82 Today High in COMEX
McxGoldGuru Mcx Price Converter
CONVERT ALL COMEX , LME PRICE TO INDIAN MCX RATE
GOLD , SILVER , COPPER , NICKEL , CRUDE , ZINC , LEAD , ALU , PLATI , AND MORE ....
CONVERT ALL COMEX , LME PRICE TO INDIAN MCX RATE
GOLD , SILVER , COPPER , NICKEL , CRUDE , ZINC , LEAD , ALU , PLATI , AND MORE ....
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