Type of Contract
|
Futures Contract Specifications
|
Name of Commodity
|
ALUMINUM INGOT
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Ticker symbol
|
ALUMINIUM
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Trading System
|
NCDEX Trading System
|
Basis
|
Ex-Warehouse at Bhiwandi, exclusive of Import Duty,
CVD/Excise, Cess, Sales Tax / VAT and any other levy or tax. In addition,
the Buyers will be liable to pay delivery charges to Seller as notified by
the Exchange before launch of respective contract
|
Unit of trading
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2 MT (Two Metric Tonnes)
|
Delivery unit
|
2 MT (Two Metric Tonnes)
|
Quotation/base value
|
Rs per KG
|
Tick size
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Re. 0.1/- per KG (10 Paise )
|
Quality specification
|
Aluminum of 99.7 % purity and each slab weighing 12 26
kgs
As per IS 2590 -1987
|
Quantity variation
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+/- 250 KGs or 2% whichever is lower
|
Delivery center
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Bhiwandi, Maharashtra. Warehouse to be accredited within
50kms from the municipal limits
|
Additional delivery centre
|
Delhi. Warehouse to be accredited within 50kms from the
municipal limits.
Location Premium/Discount as notified by the Exchange from time to time.
|
Hours of trading
|
As per directions of the Forward Markets Commission from
time to time, currently –
Mondays through Fridays : -
10:00 AM to 11:30 /11:55 PM*
Saturdays 10:00AM to 02:00 PM
Expiry Date - at 5:35 PM / 6:35 PM*
*during US day light saving period
All timings are as per Indian Standard Timings (IST). The Exchange may
change the above timing with due notice.
|
Delivery specification
|
The seller would be required to give their intentions
through the delivery request window at least 3 trading days prior to the
expiry of the contracts and the intention will be collected during 3 days
which would be notified separately.
|
No. of active contracts
|
As per launch calendar
|
Opening of contracts
|
Trading in any contract month will open on the 1st day
of the month. If the 1st day happens to be a non-trading day, contracts
would open on the next trading day
|
Due date/Expiry date
|
Last trading day of the month
If last day happens to be a holiday, a Saturday or a Sunday then the due
date shall be the immediately preceding trading day of the Exchange
|
Closing of contract
|
On expiry of the contract, all outstanding positions not
resulting in giving/taking of physical delivery of commodity shall be
closed out at the Final Settlement Price announced by the Exchange
|
Daily price fluctuation limit
|
Base daily price fluctuation limit is (+/-) 4%. If the
trade hits the prescribed base daily price limit, the limit will be relaxed
up to (+/-) 6% without any break/ cooling off period in the trade. In case
the daily price limit of (+/-) 6% is also breached, then after a cooling
off period of 15 minutes, the daily price limit will be further relaxed up
to (+/-) 9%. Trade will be allowed during the cooling off period within the
price band of (+/-) 6%.
In case of price movement in International markets which is more than the
maximum daily price limit (currently 9%), the same may be further relaxed
in steps of 3% with the approval of FMC.
|
Position limits
|
Member-wise: 5,000 Metric Tonnes or 20% of market wide
open position, whichever is higher.
Client-wise:1,000 Metric Tonnes.
The above limits will not apply to bona fide hedgers. For bona fide
hedgers, the Exchange will, on a case to case basis, decide the hedge
limits. Please refer to Circular No. NCDEX/TRADING-100/2005/219 dated
October 20,2005
|
Minimum Initial Margin
|
5%
|
Special Margin
|
In case of additional volatility, a special margin at
such percentage, as deemed fit, will be imposed in respect of outstanding
positions, which will remain in force as long as the volatility exists, after
which the special margin may be relaxed.
|
Delivery logic
|
Sellers option
|
Final Settlement Price
|
The Final Settlement Price shall be the last spot price
of the day as polled by the Exchange on the last trading day of the
contract.
|