Type of Contract
|
Silver Futures Contract
Specifications
|
Name of Commodity
|
Silver
|
Ticker symbol
|
SILVER5AHM
|
Trading System
|
NCDEX Trading System
|
Basis
|
Ex-Ahmedabad inclusive of Customs Duty, exclusive of
local sales tax/VAT.
|
Unit of trading
|
5 Kg
|
Delivery unit
|
5 kg
|
Quotation/base value
|
Rs per Kg of Silver with 999 fineness
|
Tick size
|
Re. 1
|
Quality specification
|
Not less than 999 fineness bearing a serial number and
identifying stamp of a refiner approved by the Exchange.
List of approved refiners:
www.ncdex.com\downloads\refiners_silver.pdf
|
Quantity variation
|
+/- 6 per cent
|
Delivery center
|
Ahmedabad
|
Additional delivery centres
|
New Delhi
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 PM
Saturdays : 10:00 AM to 02:00 PM
On the expiry date, contracts expiring on that day will not be available
for trading after 5 PM.
The Exchange may vary the above timing with due notice.
|
Due date/Expiry date
|
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 other than a Saturday of
the Exchange.
|
Delivery Specification
|
Upon expiry of the contracts, the delivery position
would be arrived at by the Exchange as per the process put in place by
the Exchange for effecting physical delivery based on the information to
give/take delivery furnished by the sellers and buyers.
|
Closing of contract
|
On expiry of the contract, all outstanding positions
not resulting in giving/taking of physical delivery of the commodity
shall be closed out at the Final Settlement Price announced by the
Exchange
|
Opening of contracts
|
Trading in any contract month may open on the 10th day
of the month in which the 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.
|
No. of active contracts
|
As per launch calendar
|
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.
On the first day of any new contract, the limit on daily price
fluctuation will be reckoned with reference to the opening price. On the
second and subsequent days, the daily price fluctuation limit will be
reckoned with reference to the mark-to-market rate of the previous
closing rate.
|
Position limits *
|
Member-wise: 150 MT or 15% of
market-wide open position whichever is higher.
Client-wise: 50 MT
(The above limits will not apply to bona fide hedgers. For bonafide
hedgers, the Exchange will, on a case to case basis decide the hedge
limits.)
|
Quality Allowance (for Delivery)
|
Silver bars of 999 fineness. No premium/discount.
|
Special Margin
|
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.
|
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.
|