MCX Precious Metals Expiry: Staggered Deadlines Start June 23

Traders holding precious metals futures on the Multi Commodity Exchange face a staggered set of expiry deadlines over the next two weeks. The first forced square-off hits June 23.

The SilverM contract, expiring June 30, requires all positions closed by 10:30 PM on June 23. That is the earliest cutoff among the major contracts. SilverM is a mini contract, popular with retail and smaller institutional traders for shorter-term positioning. Anyone still holding a position past that deadline risks having the exchange square it off to avoid physical delivery.

Silver's standard contract expires July 3, with a June 26 cutoff. The SilverMIC and Silver100 contracts, both expiring June 30, share a June 25 deadline. The Gold Guinea, GoldTen, Gold10G, and Gold Petal contracts – all smaller denomination gold contracts – also expire June 30 and have the same June 25 cutoff.

The flagship GoldM contract expires July 3, with a June 30 deadline. That gives traders the most runway. The staggered schedule means liquidity could thin unevenly across the curve as each contract approaches its final trading day.

Physical delivery on MCX precious metals contracts is rare. Most traders roll or close before the deadline. The staggered expiry creates a pattern: the mini and smaller denomination contracts see their liquidity drain first, often pushing the remaining open interest into the standard contracts. That can amplify volatility in the final sessions of the standard Gold and Silver contracts if a large position is left to the last day.

For traders running calendar spreads or multi-contract strategies, the key risk is the mismatch in deadlines. A spread between SilverM and standard Silver must be unwound before June 23 – not July 3. Failing to account for the earlier expiry on the mini leg can force an unplanned close at a disadvantageous price.

The June 30 expiry cluster – covering SilverM, SilverMIC, Silver100, Gold Guinea, GoldTen, Gold10G, and Gold Petal – is the densest period. That is where the bulk of the roll activity will concentrate. Traders who wait until the final session of that cluster may find wider bid-ask spreads and thinner depth, particularly in the smaller gold contracts.

MCX does not publish real-time open interest by contract type. The pattern from prior expiries is consistent: the final two trading days before each cutoff see a sharp drop in volume as the remaining positions are closed or rolled. The standard Gold and Silver contracts, with their later deadlines, tend to absorb that liquidity.

Anyone holding a position in any of these contracts should check their broker's specific cutoff time. The exchange deadline is 10:30 PM. Some brokers impose an earlier internal cutoff to process the square-off. Missing that internal deadline can still result in an automatic close.