What is COMEX? Why Every MCX Trader in India Needs to Know It
Every time your MCX gold price moves, COMEX moved first. Here is what it is, why it matters, and how to track it from India.
COMEX (Commodity Exchange, New York) is the global exchange where gold, silver, and copper world prices are set in US dollars. MCX in India follows COMEX the way Sensex follows Dow Jones — when COMEX gold moves, MCX gold moves within minutes.
COMEX in Plain Language
Imagine you want to know the "correct" price of gold — not just what a local jeweller quotes, but what the entire world agrees gold is worth right now. That price comes from COMEX.
COMEX is a financial exchange in New York where large institutions — banks, hedge funds, mining companies, central banks, refiners — buy and sell gold futures contracts. These are agreements to buy or sell a fixed amount of gold at a fixed price on a future date. Because so many of the world's biggest players trade there, the price that emerges is accepted as the global reference price.
Think of it this way: if you want to know the price of a flight from Mumbai to Delhi, you look at what airlines are charging — not just one airline, but all of them together. COMEX is that clearing house for gold. Millions of contracts trade every day. The price that comes out is what the world agrees gold is worth.
Where COMEX Sits in the World
| Exchange | Location | What It Prices | Indian Connection |
|---|---|---|---|
| COMEX | New York, USA (CME Group) | Gold, Silver, Copper, Palladium | MCX Gold, Silver, Copper derive from COMEX |
| NYMEX | New York, USA (CME Group) | Crude Oil (WTI), Natural Gas | MCX Crude Oil, Natural Gas derive from NYMEX |
| LME | London, UK | Copper, Zinc, Aluminium, Lead, Nickel | MCX base metals (Copper, Zinc, etc.) derive from LME |
| MCX | Mumbai, India (SEBI regulated) | Indian ₹ price of all the above | Where Indian traders actually trade |
The Chain: From New York to Your MCX Terminal
Here is exactly how a price move in New York becomes a price move on your MCX screen in India:
COMEX Trading Hours in India (IST)
COMEX does not follow Indian market hours. It runs through the night in India, which is why MCX gold often opens at a very different price from where it closed the previous evening.
| Session | IST Timing | What Happens | MCX Impact |
|---|---|---|---|
| Asian overnight | 11:00 PM – 9:00 AM IST | Low COMEX volume. China, Japan trading affects metals but lightly. | Thin MCX overnight session (if open) |
| London open | 1:30 PM – 5:30 PM IST | European banks enter. LME metals trade. Volume rises on gold. | MCX base metals (copper, zinc) move most |
| COMEX open (main) | 7:00 PM – 11:30 PM IST | US regular session opens. Maximum volume. US data released here. | MCX gold and silver peak volatility. Major moves happen here. |
| COMEX close | 11:30 PM IST | COMEX regular session closes. Electronic continues but thin. | MCX closes at 11:30 PM IST (same window) |
What Moves COMEX Gold?
Understanding COMEX means understanding what drives gold globally. The main factors, in order of importance:
How to Track COMEX from India — Free Tools
| Tool | What You See | Best For |
|---|---|---|
| BhaavBrief price ticker | COMEX gold and silver in $/oz, live, alongside MCX prices | Quick check — both prices side by side |
| BhaavBrief commodity page (/commodities/gold) | COMEX price converted to ₹/10g (import parity), live MCX, spread between them | Understanding the MCX-COMEX gap |
| TradingView (tradingview.com) | Full COMEX charts — GC1! for gold, SI1! for silver, HG1! for copper | Technical analysis of COMEX gold |
| Investing.com (Gold) | Live COMEX gold spot price, news, economic calendar | Checking price + upcoming events in one place |
| CME Group website (cmegroup.com) | Official COMEX quotes, volume, open interest data | Checking open interest and large trader positions |
The One Habit Every MCX Trader Should Build
Before you open your MCX terminal every morning, check two numbers:
- COMEX gold overnight: Did it close up or down vs the previous MCX close? By how much?
- USD/INR: Did the rupee strengthen or weaken overnight? Even ₹0.50 on the dollar moves MCX gold ₹500–700/10g.
These two numbers tell you where MCX gold will open — before you see a single candle on your chart. Every morning, BhaavBrief's daily brief (published at 9:30 AM IST) does exactly this analysis and tells you how overnight COMEX and USD/INR moves have set up the Indian market.
Frequently Asked Questions
What is COMEX?
COMEX (Commodity Exchange, Inc.) is the world's largest and most important exchange for trading gold, silver, copper, and palladium futures. It is located in New York and is a division of the CME Group (Chicago Mercantile Exchange Group). When you hear "gold is up $15 today" on any news channel — that price is from COMEX. COMEX is to commodities what Nasdaq is to technology stocks — it sets the global reference price that every other exchange in the world follows, including India's MCX.
Why does COMEX affect MCX gold price in India?
MCX gold is not priced independently — it is mathematically derived from COMEX gold using the formula: MCX Gold (₹/10g) = COMEX price ($/oz) ÷ 31.1 × 10 × USD/INR × (1 + duties). This means if COMEX gold rises $50, MCX gold will rise approximately ₹4,000–5,000 per 10g (depending on the USD/INR rate). You cannot understand MCX gold without tracking COMEX gold — they are the same price, just in different currencies and with Indian duties added.
What time does COMEX open in India?
COMEX operates in two sessions. The electronic (Globex) session runs nearly 24 hours: it opens Sunday 11:00 PM IST and runs through Friday 11:30 PM IST with a 60-minute daily break. The main open-outcry (pit) session that sees the highest volume is 7:00 PM – 11:30 PM IST (Monday to Friday). The most important COMEX trading window for Indian traders is 7:00 PM – 10:30 PM IST — this is when COMEX volume peaks, spreads tighten, and MCX gold sees its largest price moves of the day.
What commodities trade on COMEX?
COMEX primarily trades: Gold (GC futures — 100 troy oz per contract), Silver (SI futures — 5,000 troy oz per contract), Copper (HG futures — 25,000 lbs per contract), and Palladium (PA futures). Crude oil, natural gas, and agricultural commodities trade on NYMEX (New York Mercantile Exchange), which is a sister exchange under the same CME Group. So when people say "COMEX crude," they technically mean NYMEX crude (WTI).
How do I track COMEX gold price from India?
You can track COMEX gold in real time through: (1) BhaavBrief price ticker — shows live COMEX gold in $/oz alongside MCX prices; (2) MCX trading terminal — shows the "COMEX Reference Price" alongside MCX price; (3) CME Group website (cmegroup.com) — official COMEX data; (4) Investing.com or TradingView — free real-time COMEX charts in $/oz. For Indian traders, the most useful view is COMEX gold in ₹/10g (after converting with USD/INR) — that tells you the "fair value" of MCX gold before Indian market opens.
What is COMEX gold in Indian rupees today?
To convert COMEX gold ($/oz) to Indian rupees per 10 grams: multiply the COMEX price by the current USD/INR rate, divide by 31.1035 (troy ounces per kg), and multiply by 10 (for 10g). Example: if COMEX gold is $3,300/oz and USD/INR is 84.5, the base value is ₹89,700/10g. Add Indian import duties (~12–13%) and market premium to get the MCX fair value of approximately ₹1,01,000–1,02,000/10g. BhaavBrief shows this "COMEX parity" calculation on each commodity page.
Disclaimer: This guide is for educational purposes only. Commodity trading involves substantial risk. COMEX prices are indicative — always verify through your broker or exchange terminal before trading. This is not investment advice.