|
Type of Contract
|
Futures Contract Specifications
|
|
Name of Commodity
|
Copper Cathode
|
|
Ticker symbol
|
COPPER
|
|
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
|
1 MT (one tonne)
|
|
Delivery unit
|
1 MT (one tonne)
|
|
Quotation/base value
|
Rs per KG
|
|
Tick size
|
Re. 0.05 per KG (5 Paise )
|
|
Quality specification
|
ASTM B 115 /95, and IS 191
(London Metal Exchange Approved Brands and Hindustan Copper Ltd. only)
|
|
Quantity variation
|
+/- 250 KGs OR 2% whichever is lower
|
|
Delivery center
|
Mumbai (Outside Octroi Limits)
|
|
Additional delivery centres
|
Delhi
|
|
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 PM / 11:55 PM *
Saturdays – 10:00AM to 02:00 PM
Expiry Date – at 11:30 PM / 11:55 PM *
*Timings are based on Daylight Savings Calendar published by US Government.
The Exchange may change the above timing with due notice.
|
|
Delivery specification
|
The seller would be required to give their intentions to
give delivery at least 3 days before the maturity of the contract. If the
buyer with an outstanding position at maturity or a seller who has given an
option to delivery fails to meet their respective obligations, the penalty
structure will be as per circular no. NCDEX/TRADING-091/2007/235 dated
October 4, 2007.
|
|
No. of active contracts
|
As per the 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
|
|
Price band
|
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: 20000 MT or 15% of market wide open
position whichever is higher
Client–wise: 4000 MT
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.
|
|
Special Margin
|
Special margin of 4% of the value of the contract will
be levied whenever the rise or fall in price exceeds 20% of the 90 days
prior settlement price. The margin will be payable by the buyer or the
seller depending on whether price rises or falls respectively. The margin
shall remain in force so long as the price stays beyond the 20% limit and
will be withdrawn as soon as the price is within the 20% band.
|
|
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.
|
