New Delhi, June 28 -- An unprecedented case of settling a futures contract at negative price regained focus after six years, with the Bombay High Court dismissing several traders' petitions related to commodity bourse Multi Commodity Exchange of India Ltd (MCX) fixing the settlement price of crude contracts during the pandemic at Re 1.

The 24 June ruling is significant as the case relates to traders who had taken long positions in crude oil contracts requesting annulment of the trades citing the massive losses they suffered, and the court upholding the commodity bourse's settlement mechanism which did not envisage a negative pricing back then.

MCX crude futures mirror the West Texas Intermediate (WTI) contract which is traded on the US-...