Yes, a contractual right to receive cash or another financial asset from another entity is considered a financial asset. In this case, the futures contract entered into by X Inc with MCX gives them the right to receive cash based on the settlement price of the commodity exchange future. As of 31st December 2017, the carrying amount of the financial asset should be $12,500 ($6,500 x 5 contracts x 25 MT per contract). The increase in settlement price to $6,600 per MT on that date would result in an unrealized gain of $6,250 ($100 x 5 contracts x 25 MT per contract).
