| Our Bureau
Ahmedabad, Jan 1
National Multi-Commodity Exchange (NMCE) has announced the launch of new series for futures contract in base metals, menthol crystal and raw jute.
The March 2008 contract in the six non-ferrous metals - aluminium ingot, nickel prime, copper, zinc, lead and tin - introduced for trading on Tuesday, expires on March 31.
Similarly, the April contract in menthol crystal was also introduced the same day but expires on April 30. However, the May 2008 contract in raw jute expires on May 30, NMCE said in a release here.
non-ferrous metals
The non-ferrous metals are at present simultaneously traded in different monthly contracts on NMCE terminals, up to three months in advance, each expiring on the last trading day of respective calendar month.
Menthol crystal contracts run up to four months and that in raw jute up to five months.
The delivery centre for the six base metals, as per specified quality, is at Central Warehousing Corporation (CWC) warehouse in Mumbai, that for menthol crystal is CWC warehouse at Chandausi (Uttar Pradesh) and for raw jute it is CWC warehouse in Kolkata.
These metals are usually traded in lots (units) of one or two tonnes (t) but prices are quoted in Rs per kg. In case of menthol crystal, it is traded in lots of one quintal and quoted in Rs per kg.
And, in case of raw jute, it is traded in lots of 10 t and quoted in Rs per quintal.
Besides these commodities, NMCE at present provides an electronic platform for futures trading in spices, plantation, oilseeds, edible oils, non-edible oils, sugar, gur and pulses.
Meanwhile, in pursuance of the Forward Markets Commission (FMC), the initial margin (inclusive of exposure margin) based on value-at-risk (VaR) will be subject to a minimum of five per cent (5%) of the contract value on all commodities futures contracts, except in case of gold at four per cent (4%). |