Contract Specifications for Kachhi Ghani Mustard Oil.
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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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Kachhi Ghani Mustard Oil
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Ticker symbol
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KACHIGHANI
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Trading System
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NCDEX Trading System
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Basis
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Ex-tank Jaipur (Exclusive of sales tax)
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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
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Quotation/base value
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Rs. per 10 Kg
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Tick size
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Re. 0.05 (5 paisa)
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Quality specification
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Parameters
Kachhi Ghani Mustard Oil shall be clear, free from rancidity, suspended
or foreign matter, separated water, added colouring or flavouring
substances or mineral oil. It shall conform to the following standards:
- Colour on Lovibond
scale in ( 1/4 " Cell) as Y + 5R, units - 50
- Acid Value as %
Oleic Acid -1.5% Maximum
- Iodine Value (wijs
method) - 98 to 110
- Bellier's Test
(Turbidity Temp.) - 23.0 to 27.5 degrees celcius
- Saponification
Value - 169 to 177
- Unsaponifiable
matter - 1.2%max
- Refractive Index
at 40 Degree Cel. - 1.4646 to 1.4662
- Test for Argemone
oil - Negative
- Test for mineral
oil - Negative
- Percentage of
natural oil content (as ATC) weight percentage - 0.25 to 0.60
- Test for the
presence of Hydrocyanic acid - Negative
- Specific Gravity
at 30 Deg. Celcius - 0.907 to 0.910
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Quantity variation
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+/- 2%
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Delivery center
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Jaipur (within a radius of 50 km from
the municipal limits)
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Trading hours
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As per directions of the Forward Markets Commission
from time to time, currently -
Mondays through Fridays
Trading Hours - 10:00 am to 5:00 pm
Saturdays
Trading Hours - 10:00 am to 2:00 pm
The Exchange may change 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 which is
not a Saturday
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Final Settlement Price
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The Final Settlement Price (FSP) would be the simple
average of the last spot (polled) prices of Kachhi Ghani Mustard Oil of
the last 3 days.
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Delivery specification
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Upon expiry of the contract, the delivery position
would be arrived at by the Exchange based on the information to give/take
delivery furnished by the sellers and buyers as per the process put in
place by the Exchange for effecting physical delivery
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Delivery logic
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Intention matching
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Closing of contract
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On the expiry of the contract, all outstanding
positions which are not intended for giving/taking of physical delivery
of the 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 any contract month will open on the 10th
day of the Month. 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 launch calendar
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Price band
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The daily price limit will be 2% and will be raised to
4% after a 15-minute cooling period if the price limit of 2% is reached.
If the price limit reaches 4%, trading will continue within the 4% limit.
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Position limits
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Member level : Maximum of 18,000 MT or 15 % of Market Open
Position in the commodity, whichever is higher
Client level: 6,000 MT
Hedge position as indicated vide Commission’s letter no.
4/4/2005-NCDEX/COMPL dated 4/10/2005
Near month limit (The following limits would be applicable from 28 days
prior to expiry date of a contract)
Member Level: Maximum of 6,000 MT or 15 % of total near month Open
Position in the commodity, whichever is higher
Client Level: 2,000 MT
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Premium/Discount
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No quality allowance
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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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Contract Launch Calendar:- 2010
Contract Launch Month
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Contract Expiry Month
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January 2010
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February 2010
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March 2010
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April 2010
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February 2010
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May 2010
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March 2010
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June 2010
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Contract Launch Calendar :
Contract Launch Month
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Contract Expiry Month
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April 2010
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July 2010
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May 2010
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August 2010
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June 2010
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September 2010
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July 2010
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October 2010
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August 2010
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November 2010
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September 2010
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December 2010
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Contract Launch Calendar of Kachi Gaani Mustard Oil (
KGMO ) :-
Contract Launch Month
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Contract Expiry Month
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October 2010
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January 2011
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November 2010
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February 2011
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December 2010
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March 2011
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January 2011
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April 2011
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February 2011
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May 2011
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March 2011
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June 2011
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Members and market participants who enter into buy and sell transactions may please
note that they need to be aware of all the factors that go into the mechanism
of trading and clearing, as well as all provisions of the Exchange's Bye
Laws, Rules, Regulations, Product Notes, circulars, directives, notifications
of the Exchange as well as of the Regulators, Governments and other
authorities.
Members and market participants trading on the Exchange in the commodity
contracts shall be deemed to be aware of applicable laws and amendments
thereof from time to time, including provisions and rates relating to the
sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp
duty, etc., applicable on the underlying commodity of any contract offered
for trading.
The Exchange shall not be responsible or liable on account of non compliance
by any of the members and market participants of any such applicable laws or
any amendments thereof including not being aware of rates of taxes, levies,
etc., on the underlying commodity of any contract offered for trading.
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