Type of Contract
|
Futures Contract Specifications
|
Name of Commodity
|
NICKEL CATHODE
|
Ticker symbol
|
NICKEL
|
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
|
250 Kgs, (Two Hundred and Fifty Kilograms)
|
Delivery unit
|
250 Kgs, (Two Hundred and Fifty Kilograms)
|
Quotation/base value
|
Rs per KG
|
Tick size
|
Re. 0.05/- per KG (Five Paise )
|
Quality specification
|
4" X 4" Cut Cathodes, Primary Nickel of
99.80% minimum purity with chemical analysis conforming to the ASTM
B-39/79 specification
|
Quantity variation
|
+/- 25 KGs or 2% whichever is lower
|
Delivery centre
|
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 buyer and seller shall mark intentions of
taking/giving 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.
|
Delivery Logic
|
Intention Matching
|
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
|
For member: 2,500 Metric Tonnes or 15 % of the market
open position, whichever is higher.
For individual client : 500 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 Margins
|
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.
|
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.
|