Mumbai, July 30 -- India needs to strengthen the influence of its domestic commodity prices to enhance its role in global price discovery, with stronger Indian benchmarks potentially helping shape global prices, according to MCX Managing Director and CEO Praveena Rai.

Addressing the MCX conclave, Rai said the event aims to create greater awareness about commodity derivatives, including their role in risk management, hedging and investment.

Adding to this, she stressed the Indian reference prices are already being used across segments such as bullion and metals, and greater domestic price discovery could strengthen the country's position in global commodity markets.

"There's no need to understand what is the potential price. So it just ...