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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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Sugar (M Grade)
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Ticker symbol
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SUGARM200
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Trading System
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NCDEX Trading System
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Basis
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Ex-warehouse Kolhapur inclusive of all 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 50 Kgs new A Twill Bags/PP
bags Also deliverable in 100 Kg new A Twill jute bags
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Quotation/base value
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Rs/quintal
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Tick size
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Re 1
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Quality specification
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Sugar in crystal form
manufactured by vacuum pan method with:
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Moisture
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0.08% Max
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Polarisation
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99.80% Min
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ICUMSA
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> or = 150 ICUMSA and < 200 ICUMSA as determined
by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
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Grade
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M
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Grain Size
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Medium as determined by the methods prescribed in
IS:498-2003
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Crop Year Reference
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Till December expiry contract: Production of the last
crushing season is allowed in addition to current crop.
From January expiry contract: Production of only current crushing season
is allowed.
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Quantity variation
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+/- 5%
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Delivery center
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Kolhapur (up to 50 km from city limits)
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Additional delivery centres
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Ahmedabad, Belgaum, Chennai, Delhi, Erode, Gorakhpur,
Indore, Jaipur, Kanpur, Kolkata, Muzaffarnagar, Pune, Sitapur, Vijaywada
and Vizag (Upto 50Kms of City limits) No location premium and discount
shall be applicable.
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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 non trading day, a Saturday or a Sunday then the
due date shall be the immediately preceding trading day of the Exchange
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Delivery Specification
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Compulsory delivery: Upon expiry of the contracts, all
open positions will be settled by taking or giving delivery as the case may
be.
The penalty structure for failure to meet delivery obligations will be as
per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
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Also Deliverable
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Sugar S of the following
Specification:
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Moisture
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0.08% Max
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Polarisation
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99.80% Min
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ICUMSA
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> or = 100 ICUMSA and < 150 ICUMSA as determined
by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
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Grade
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S
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Grain Size
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Small as determined by the methods prescribed in
IS:498-2003
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Crop Year Reference
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Till December expiry contract: Production of the last
crushing season is allowed in addition to current crop
From January expiry contract: Production of only current crushing season
is allowed.
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Closing of contract
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Upon Expiry of the contract all outstanding open
position would result in compulsory delivery
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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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Opening of Contracts
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Trading in new 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 Launch Calendar
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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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Limit for aggregate contracts traded on all the
Exchanges - applicable for all the contracts together for Grade-M and
Grade-S both including position in expiry month:
Client-wise: 20,000 MT
Member-wise: 1,00,000 MT or 15% of market wide open interest whichever is
higher
Near Month Limits:
The following limits would be applicable for one month prior to the expiry
of a contract
Client-wise: 8,000 MT
Member-wise: 40,000 MT or 15% of the market-wide open interest whichever is
higher
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Special Margin
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Special margin of 10% of the value of the contract,
Whenever the rise and fall in price exceeds 20% from the first days closing
price, is payable by buyer or seller, depending upon whether price rise or
fall as the case may be. The margin shall stay in force so long as price
stays beyond 20% limit and will be withdrawn as soon as the price is within
20% band
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Premium/Discount
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S grade sugar with ICUMSA less than 100 could be
accepted as good delivery but with no premium. Sugar S with ICUMSA more
than 150 shall be rejected.
M grade sugar with ICUMSA 100 - 150 could be accepted as good delivery but
with no premium. Sugar with ICUMSA more than 200 shall be rejected.
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