MCX Circuit Limits 2026 — Daily Price Bands for All Commodities
What circuit limits are, the two-stage MCX circuit system, commodity-specific bands, and what to do when your position is frozen in a halt.
MCX Circuit Limit Table — All Major Commodities
| Commodity | Stage 1 (Initial) | Stage 2 (Expanded) | Max Limit | Circuit Frequency |
|---|---|---|---|---|
| MCX Gold | ±3% | ±6% | ±6% | Rare (major global events only) |
| MCX Silver | ±3% | ±6% | ±6% | Rare–Occasional (more volatile than gold) |
| MCX Crude Oil | ±3% | ±6% | ±9% (SEBI approval) | Occasional (OPEC shocks, supply disruptions) |
| MCX Natural Gas | ±3% | ±6% | ±9% (high-vol periods) | Occasional (EIA storage surprises) |
| MCX Copper | ±3% | ±6% | ±6% | Rare (major China demand shocks) |
| MCX Zinc | ±3% | ±6% | ±6% | Rare |
| MCX Aluminium | ±3% | ±6% | ±6% | Rare |
| MCX Lead | ±3% | ±6% | ±6% | Rare |
| MCX Nickel | ±3% | ±6% | ±9% (approved) | Occasional (supply disruptions) |
How the Two-Stage Circuit System Works
MCX uses SEBI's mandated circuit breaker framework with two price limits per trading session. The system is designed to give markets time to absorb information rather than allowing runaway panic-driven moves.
Stage 1 — Initial Circuit (±3%)
When any MCX commodity moves ±3% from its previous day's closing price, MCX automatically halts trading for 15 minutes. During this halt:
- No new orders can be placed
- Existing pending orders are frozen (not cancelled)
- Open positions remain active (you still have your P&L exposure)
- MCX publishes a notice on the exchange terminal
Stage 2 — Expanded Circuit (±6%)
After the 15-minute halt, MCX reopens with expanded limits of ±6% from the original previous close (not from the circuit level). Trading continues normally within this band. If prices hit ±6%, MCX can halt again and may choose to close trading for the session, seek regulatory approval for further expansion, or wait for global markets to stabilise.
When Do MCX Circuits Actually Trigger?
Circuit triggers are rare for most commodities under normal market conditions. These are the typical situations that have caused MCX circuit halts historically:
| Event Type | Commodity | Typical Move |
|---|---|---|
| Major Fed rate surprise (surprise hike/cut) | Gold, Silver | ±2–4% single session |
| OPEC emergency production cut or surge | Crude Oil | ±4–8% single session |
| Major China economic data shock (GDP, PMI miss) | Copper, Zinc, Base Metals | ±2–4% single session |
| Geopolitical escalation (Hormuz, Russia pipeline) | Crude Oil, Natural Gas | ±3–6% single session |
| Large EIA storage surprise (nat gas) | Natural Gas | ±5–10% single session |
| Indian duty change (Budget day) | Gold, Silver | ±4–7% single session |
What to Do When Your Position Is Frozen in a Circuit
- Stay calm — 15 minutes is the standard halt duration. Do not panic about temporary inability to exit.
- Do not cancel your pending exit orders. They will execute immediately when trading resumes if within the new expanded band.
- Assess your risk: Calculate your maximum loss at the Stage 2 limit. Is it within your risk tolerance?
- Place a stop-loss order to execute the moment trading resumes if you want to exit quickly after reopening.
- Watch global markets during the halt — COMEX, CME, and overseas markets continue trading and will signal where MCX resumes.
Frequently Asked Questions
What is MCX circuit limit?
MCX circuit limits (also called daily price bands or circuit filters) are the maximum price move allowed in a single trading session before trading is temporarily halted or restricted. MCX uses a two-stage system: an initial circuit limit (Stage 1) and an expanded circuit limit (Stage 2). For most non-agricultural commodities, Stage 1 is ±3% from the previous day close, and Stage 2 is ±6%. If prices hit Stage 1, trading is paused for 15 minutes and then resumes at the expanded ±6% band. Circuit limits protect traders from extreme price movements and reduce market manipulation risk.
What is the MCX circuit limit for gold?
MCX gold has an initial (Stage 1) circuit limit of ±3% from the previous closing price. If gold hits this limit, trading pauses for 15 minutes and resumes at an expanded ±6% band (Stage 2). For example, if MCX gold closed at ₹70,000/10g, Stage 1 circuit limits are ₹67,900 (lower) and ₹72,100 (upper). Stage 2 bands would be ₹65,800 and ₹74,200. In practice, MCX gold rarely hits circuit limits under normal market conditions — only extreme global events (major Fed decisions, geopolitical shocks) push gold to these levels in a single session.
What happens when MCX hits upper circuit?
When MCX gold, silver, crude oil, or any other commodity hits the upper circuit limit (Stage 1 at +3%), MCX Exchange temporarily halts trading for 15 minutes. During this halt, no new orders can be placed and existing orders are frozen. After 15 minutes, MCX reopens trading with expanded limits (Stage 2 at +6%). If prices hit the Stage 2 upper circuit, MCX may halt trading for the rest of the session or extend the circuit further based on global market conditions. Buyers benefit from upper circuits — you already own the commodity at a lower price and it is now at the maximum allowed level.
Which MCX commodity has the highest circuit limit?
MCX crude oil has the highest effective circuit range among major contracts. While the standard Stage 1/Stage 2 bands (±3%/±6%) apply, MCX can and does expand crude oil circuit limits to ±9% in high-volatility periods (such as during major geopolitical events or OPEC emergency decisions). Natural gas also has provision for expanded limits given its extreme volatility — nat gas can move 5–10% on a single EIA storage report. Gold and silver are the most stable and rarely hit even the Stage 1 circuit.
Can I place orders when MCX is in circuit?
No. During an MCX circuit halt (the 15-minute pause after hitting Stage 1 limits), no new orders can be placed and existing pending orders are frozen. Your existing open positions (bought or sold contracts) remain active — you cannot exit them during the halt. After the 15-minute halt, MCX reopens with expanded Stage 2 limits and you can place orders again. Some brokers send an SMS/app alert when a circuit halt occurs. If you need to exit urgently during a halt, you must wait for the resumption of trading.
Disclaimer: Circuit limit percentages are based on SEBI and MCX guidelines as of 2026 and are subject to change. MCX may modify price bands at any time based on market conditions and regulatory approvals. Always verify current circuit limits on the official MCX website (mcxindia.com). This is not investment advice.