On 9 October 2026, Multi Commodity Exchange Clearing Corporation (MCXCCL) published its applicable Volatility Scan Range (VSR) schedule for November 2026 after saying it had conducted back-testing under the SEBI framework it cites. The Annexure lists VSR figures of 5 for Copper, 30 for Crudeoil, 5 for Gold, 6 for Naturalgas, 6 for Silver and 5 for Zinc, plus 3.5 for an MCXBULLDEX index option. Read MCXCCL Circular RISK/218/2026 (opens in a new tab).
This is a clearing-risk communication, not a commodity-price call or a universal client-margin notice. It does not establish that a particular contract’s margin has risen, fallen or stayed unchanged.
Key takeaways
- MCXCCL’s 9 October circular publishes a November 2026 VSR schedule for six commodities and an MCXBULLDEX option.
- The listed figures are Copper 5, Crudeoil 30, Gold 5, Naturalgas 6, Silver 6, Zinc 5, and MCXBULLDEX option 3.5. The Annexure text does not print a
%sign. - MCXCCL says the review followed back-testing under the SEBI circular it identifies as SEBI/HO/CDMRD/DRMP/CIR/P/2021/08, dated 11 January 2021.
- A VSR is part of the clearing-risk vocabulary. It is not, by itself, a quote for your total margin, your possible loss, a commodity-price forecast or a trade instruction.
- The circular refers to a September predecessor, but that earlier annexure was not verified for this report. It is therefore not valid to call the 9 October schedule a tightening, relaxation or change in any particular direction.
What happened
MCXCCL issued Circular No. MCXCCL/RISK/218/2026, also labelled MCX/MCXCCL/572/2026, on 9 October. Its subject is “Review of minimum Volatility Scan Range (VSR).” The issuer’s circular index categorises it under Risk And Collaterals. The MCXCCL index entry (opens in a new tab) and MCX’s circular index (opens in a new tab) each list the item on the same date.
The circular says MCXCCL reviewed VSR by conducting back-testing under the cited SEBI circular, then gives the VSR applicable for November 2026 in Annexure 1. A scan range is a risk-management input, not the complete amount that may be blocked or demanded for an individual account.
Actual requirements can depend on the contract, expiry, position size and direction, other positions, collateral and broker policy. None of those account-level calculations appears in this circular. The correct first reading is: MCXCCL has published the November VSR schedule—not “every trader will need this much margin.”
Relevant sourced data table
Swipe sideways to read the full table →
| Instrument named in MCXCCL Annexure 1 | Applicable VSR figure published for November 2026 | What the circular establishes | What it does not establish |
|---|---|---|---|
| Copper | 5 | The listed November VSR figure | The previous figure, a client’s total margin or a price outlook |
| Crudeoil | 30 | The listed November VSR figure | A predicted crude move or the margin on every crude contract |
| Gold | 5 | The listed November VSR figure | A physical-gold rate, jewellery price or a buy/sell signal |
| Naturalgas | 6 | The listed November VSR figure | An expected gas-price range or individual account funding need |
| Silver | 6 | The listed November VSR figure | A prior-versus-current VSR change or guaranteed loss limit |
| Zinc | 5 | The listed November VSR figure | A universal margin percentage or return expectation |
| MCXBULLDEX option | 3.5 | The listed November option-on-index VSR figure | A direction call for the index or its options |
Source: MCXCCL Circular RISK/218/2026 (opens in a new tab), 9 October 2026, Annexure 1. The table intentionally preserves the figures as published. The accessible annexure labels the column “Applicable VSR” but does not print a unit or a formula, so no percentage notation or client-margin calculation is added here.
Indian market impact (analysis, not an MCXCCL finding)
For Indian commodity-derivatives participants, the immediate practical impact is process and risk awareness. Identify the exact contract and review the broker’s current margin display and official exchange notices. “Gold VSR is 5” is incomplete without the contract, expiry, position and total-margin basis.
Derivative exposure should not be confused with money initially paid. Futures and options can create exposure larger than the cash or eligible collateral initially blocked. If conditions or risk parameters change, additional funds or a reduction in exposure may be necessary. That is a risk explanation, not a claim that MCXCCL has announced a particular demand for funds.
The Crudeoil figure of 30 is numerically higher than the other commodity figures. It does not mean crude will move by 30, be more volatile next month, or require margin equal to 30% of trade value.
Similarly, the Gold and Silver entries do not turn a physical-bullion reference into an exchange-traded derivative. A retail gold quote may have a different purity, unit, time, tax treatment and commercial terms from an MCX contract. TradeGrows’ commodity-trading hub and gold-rate explainer explain why product definition and source basis come first.
A disciplined response is not to predict a price level; it is to check the risk information where an actual position is held. Confirm the contract, expiry and quantity, distinguish initial collateral from maximum possible loss, and avoid adding size solely because the amount initially blocked looks manageable. The broader behavioural risks—oversizing, averaging a losing position without a plan and treating one number as certainty—are covered in TradeGrows’ guide to common trading mistakes.
Background
MCXCCL is the clearing corporation associated with the MCX commodity market. Its risk-and-collateral circulars concern clearing safeguards, not views on which commodity should rise or fall. Here, the issuer says its VSR review used back-testing under a SEBI circular from 11 January 2021; the 9 October notice itself remains narrow, publishing applicable November figures.
In a clearing context, volatility has an operational role: risk settings help assess whether positions have resources behind them under adverse scenarios. A scan-range value does not forecast tomorrow’s commodity price or cap losses at the margin initially posted.
The limitation on historical comparison is important. Circular RISK/218/2026 refers to Circular RISK/197/2026 dated 9 September, but the earlier schedule was not sourced here. The 9 October circular does not print a “previous VSR” column. Readers should treat claims such as “MCX raised gold margins” as unverified without comparing the relevant primary schedules and contract-specific margin notice.
For a repeatable way to make that check, use TradeGrows’ guide to verifying market claims in India. It explains why date, source, unit and instrument all matter before a market statement is treated as actionable information.
What to watch next
- Contract-specific margin displays and notices: Check the official exchange and your broker for the selected contract and expiry. Do not infer a rupee amount from this annexure alone.
- Any new MCXCCL risk circular: A later notice may give updated parameters, a specific implementation detail or a separate operational change. Compare original documents, not reposted headlines.
- November positions and expiry: Risk is not static across a contract’s life. Delivery, expiry and liquidity features can matter as much as a general risk setting.
- Collateral and concentration: A position may look affordable at entry but still create funding pressure after an adverse move. Monitor available funds and avoid treating leverage as a cushion.
- Evidence of an actual change: Before describing a parameter as higher or lower, retrieve both dated schedules, verify the same instrument category and check that no contract-specific rule changes explain the difference.
Frequently asked questions
What did MCXCCL announce on 9 October 2026?
MCXCCL published Circular RISK/218/2026, a review of minimum VSR with an Annexure of figures applicable for November 2026. It lists values for Copper, Crudeoil, Gold, Naturalgas, Silver, Zinc and an MCXBULLDEX option.
Does the Gold VSR figure of 5 tell me my MCX Gold margin?
No. The circular does not state an individual client’s total margin or give a rupee calculation. The actual amount can depend on the contract, expiry, quantity, portfolio, collateral and broker requirements. Check the current contract-specific information instead.
Did MCXCCL increase or reduce the VSRs?
This report cannot verify that. The 9 October circular provides the November schedule and mentions a September predecessor, but does not print the prior values. Without a verified like-for-like comparison, calling any entry an increase, reduction or unchanged would be unsupported.
Does a higher-looking VSR figure predict a commodity’s next price move?
No. The notice is a clearing-risk document and does not forecast prices. A figure in the Annexure is not support, resistance, a target or a promise that the commodity will move by that amount.
Are VSR figures percentages?
The accessible Annexure labels the column “Applicable VSR” and lists numeric figures, but does not show a percent sign or calculation formula. This article therefore reports the values exactly as printed and does not attach a percentage sign.
Related reading
- Commodity trading in India
- Gold-rate data and product-basis guide
- Seven common trading mistakes to avoid
- How to verify Indian market claims
- How TradeGrows labels and handles market data
Sources and Financial-information disclaimer
Primary source: MCXCCL Circular No. MCXCCL/RISK/218/2026 / MCX/MCXCCL/572/2026, “Review of minimum Volatility Scan Range (VSR),” 9 October 2026 (opens in a new tab). The same circular is available through MCX’s official document link (opens in a new tab); the official MCXCCL (opens in a new tab) and MCX (opens in a new tab) indexes confirm its 9 October listing. Research cutoff: 9 October 2026, 19:48 IST.
This is general market education, not personalized financial advice or an investment recommendation, and not tax or legal advice. It is not a buy/sell recommendation, a price target, a margin quote or a promise of returns. Commodity derivatives can involve leverage and losses. Verify the current original notice, contract specification and broker terms before acting, and read the TradeGrows financial-information disclaimer.
Return to Latest News →