MCX hikes strike price interval for silver, silver mini options to Rs 1,000

MCX raises silver options strike price interval to Rs 1,000.

• MCX raises strike price interval for Silver options to Rs 1,000 from Rs 250
• Change aims to ensure tradable strikes amid sharp silver price volatility
• New intervals apply to all running and future Silver and Silver Mini contracts

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The Multi Commodity Exchange (MCX) decided to modify the strike price interval for Silver and Silver Mini options contracts on January 28, with the changes coming into effect from January 29, 2026. The exchange said the revision is being carried out in line with its rules, and will apply to running contracts and contracts yet to be launched.

Under the revised framework, the strike price interval for Silver (30 kg) options on futures and Silver Mini (5 kg) options on futures has been increased to Rs 1,000 from the existing Rs 250. MCX said the updated contract specifications and trading parameters will be binding on all members and market participants.

According to Bhavik Patel, Senior Analyst, Tradebulls Securities, the change will not have a direct impact on prices. When silver options were first introduced on MCX, silver was trading around Rs 75,000, which is why the strike price interval was set at Rs 250. "However, with silver now trading close to Rs 4,00,000, a Rs 250 interval has become too narrow, prompting the exchange to increase it to Rs 1,000," he added.

Earlier, strike prices would be available at levels such as Rs 75,000, Rs 75,250, Rs 75,500, and Rs 75,750. At current price levels, strikes like Rs. 4,00,250 or Rs. 4,00,500 are impractical. Instead, with the update, strikes will now be listed at Rs 4,01,000, Rs 4,02,000, and Rs 4,03,000.

The move is aimed at helping the exchange manage sharp price volatility. For instance, silver jumped from around Rs 3,15,000 to over Rs 4,07,000 in just a few days. "With the earlier interval and the standard range of strikes opened above and below the prevailing price, even at-the-money options were not getting listed. By widening the strike price interval, the exchange ensures that active and tradable strike prices remain available even during sudden price spikes," said Patel.

Silver prices on the Multi Commodity Exchange surged past the Rs 4 lakh per kilogram mark on Thursday, with the March contract jumping over five percent to touch a high of Rs 408,487.

The rally has been sharp and swift. Silver crossed Rs 3 lakh per kg on January 19, 2026, after breaching the Rs 2 lakh per kg level on December 17, 2025. The move from Rs 3 lakh to Rs 4 lakh per kg took just 10 days, making it the fastest Rs 1 lakh per kg rise ever for the white metal, according to available data.

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