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Type of Contract
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Futures Contract Specifications
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Name of Commodity
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Gur
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Ticker symbol
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GURCHMUZR
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Trading System
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NCDEX Trading System
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Basis
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Ex-cold storage warehouse Muzaffarnagar inclusive of
all local taxes
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Unit of trading
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10 MT
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Delivery unit
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10 MT net basis packed in new jute bags. Packaging
costs shall be borne by the buyer
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Quotation/base value
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Rs per 40 Kgs
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Tick size
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20 paise
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Quality specification
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100% dry golden brown Gur of Chaku type of the
following specifications:
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Sucrose (on dry basis) percent by mass
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75-80 % min
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Reducing sugars (on dry basis) percent by mass
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10-15% max
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Moisture
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11 % max
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Sulphur dioxide (on dry basis) percent by mass
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70 ppm max
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Water insoluble matter (on dry basis) percent by
mass
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1.5 % max
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Sulphated ash (on dry basis) percent by mass
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3.5% max
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Ash insoluble in dilute hydrochloric acid (on dry
basis) percent by mass
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0.3% max
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Also deliverable
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100% dry Gur of Balti type, meeting above
specifications shall be deliverable at Hapur
100% dry Gur of Choursa type, meeting above specifications shall be
deliverable at Meerut
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Quantity variation
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+/- 5 %
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Delivery center
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Muzaffarnagar
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Additional delivery centres
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Hapur, Meerut with location premium/discount as may be
announced by the Exchange from time to time
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Types of Gur Deliverable
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From October to May:
Muzaffarnagar – Chaku Gur on ready arrival basis
Hapur – Balti
Meerut – Choursa
From June to September:
Muzaffarnagar – Chaku Gur deliverable on cold storage basis
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Hours of Trading
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As per directions of the Forward Markets Commission
from time to time, currently -
Mondays through Fridays: 10:00 AM to 5:00 PM
Saturdays: 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice
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Due date/Expiry date
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20th day of the delivery month
If 20th happens to be a holiday, a Saturday or a Sunday then the due date
shall be the immediately preceding trading day of the Exchange, not being
a Saturday.
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Delivery specification
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The seller would be required to give their intentions
to give delivery at least 5 days before the maturity of the contract. If
the buyer with outstanding positions at maturity or a seller who has
given an option to delivery fails to meet their respective obligation,
the penalty structure will be as per circular no.
NCDEX/TRADING-091/2007/235 dated October 4, 2007.
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Closing of contract
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On the 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
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Opening of contracts
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Trading in new month contract will open on the 10th
day of the month in which near month contract is due to expire. If the
10th day happens to be a non-trading day, contracts would open on the
next trading day
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No. of active contracts
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As per Annexure A
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Price band
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Daily price fluctuation limit is (+/-) 3%. If the
trade hits the prescribed daily price limit there will be a cooling off
period for 15 minutes. Trade will be allowed during this cooling off
period within the price band. Thereafter the price band would be raised
by another (+/-) 1% and trade will be resumed. If the price hits the
revised price band (4%) again during the day, trade will only be allowed
within the revised price band. No trade/order shall be permitted during
the day beyond the revised limit of (+/-) 4%
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Position limits
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Member–wise: 30,000 MT for all
contracts or 15% of market wide Open Interest which ever is higher.
Client–wise: 10,000 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
For Near Month contracts:
The following limits will apply one month prior to expiry of the contract
Member-wise: 6,000 MT or 15% of market-wide open
interest whichever is higher
Client-wise: 2,000 MT
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Special margins
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In case of additional volatility, a special margin of
at such other percentage, as deemed fit, will be imposed immediately on
both buy and sell side in respect of all outstanding positions, which
will remain in force for next 2 days, after which the special margin will
be relaxed
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Premium/Discount
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Premium/Discount
for type of Gur:
100% dry Gur of Balti type of the same specifications shall be
deliverable at Hapur at premium/discount over/below the traded price for
which the premium/discount shall be announced by the Exchange at the time
of launch of the contract.
100% dry Gur of Choursa type of the same specifications shall be deliverable
at Meerut at premium/discount over/below the traded price for which the
premium/discount shall be announced by the Exchange at the time of launch
of the contract.
Premium/Discount for quality of Gur:
The premium/discount for quality of Gur shall apply over and above the
premium/discount for type of Gur
Sucrose (on dry basis) percent by mass
Gur with sucrose (on dry basis) percent by mass of > = 80% max shall
be acceptable at a premium of Rs 2 per 40 kgs
Gur with sucrose (on dry basis) percent by mass of 70-75% max shall be
acceptable at a discount of Rs 2 per 40 kgs
Gur with sucrose (on dry basis) percent by mass of less than 70% shall be
rejected
Reducing sugars (on dry basis) percent by mass
Gur with reducing sugars (on dry basis) percent by mass of 15-20% max
shall be acceptable at a discount of Rs 2 per 40 kgs
Gur with reducing sugars (on dry basis) percent by mass of more than 20%
shall be rejected
Sulphur dioxide (on dry basis) percent by mass
Gur with sulphur dioxide (on dry basis) percent by mass of 60-70 ppm
shall be acceptable at par
Gur with sulphur dioxide (on dry basis) percent by mass of 50-60 ppm
shall be acceptable at a premium of Rs 5 per 40 kgs
Gur with sulphur dioxide (on dry basis) percent by mass of less than 50
ppm shall be acceptable at a premium of Rs 7 per 40 kgs
Gur with sulphur dioxide (on dry basis) percent by mass of more than 70
ppm shall be rejected
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Final Settlement Price
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The Final Settlement Price (FSP) shall be arrived at
by taking the average of the last three days spot prices. The last spot
price for the day as polled by the Exchange during the last three days
shall be taken for arriving at the FSP. In the event of unavailability of
the spot prices during any one of the last three days excluding the
expiry day (i.e., on E - 1 or E - 2), the spot price of the previous day
(E - 3) shall be considered for the average of the last three days. In
case spot prices are not available during the 3 day period prior to the
expiry date, the last spot price of the expiry day shall be considered
for arriving at the FSP.
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