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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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Thermal Coal
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Ticker symbol
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COALWANI
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Trading System
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NCDEX Trading System
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Basis
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Ex-warehouse Wani, exclusive of sales tax and local
levies
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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 MT
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Tick size
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Rs. 10 per MT
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Quality specification
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Gross Calorific Value(GCV) (ADB)
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4000 kcal/kg
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Total Moisture (ARB)
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12%
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Ash (ADB)
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35%
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Size
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> 10 mm
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Quantity variation
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+/- 5 %
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Delivery center
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Wani (Wani and within 100 kms of Wani)
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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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Last Day of every month
If the Last Day 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, not being a Saturday.
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Delivery Specification
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Upon expiry of the contract all outstanding positions
will result in delivery.
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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Delivery Logic
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Compulsory Delivery
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Opening of contracts
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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.
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Closing of contract
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Upon the expiry of contract all outstanding open
positions would result in compulsory delivery
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No. of active contracts
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As per the Contract Launch Calendar.
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Price band
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Base daily price fluctuation limit is (+/-) 4%. If the
trade hits the prescribed daily price limit, the price limits will be
relaxed up to (+/-) 6% without any break/ cooling off period in the trade.
In case the daily price limit of (+/-) 6% is 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%.
If the price hits the revised price band (9%) again during the day, trade
will only be allowed with the revised price band. No trade/order shall be
permitted during the day beyond the revised limit of (+/-) 9%.
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Position limits
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Member–wise: 12,00,000 MT for all contracts or 15% of
market wide Open Interest whichever is higher.
Client–wise: 4,00,000 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.
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Special Margin
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In case of additional volatility, a special margin at
such other 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.
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Premium/Discount
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Premium/Discount for GCV:
- Guaranteed GCV =
4000 kcal/kg.
- Premium/Discount :
Adjusted Value = Price x GCV(ADB)
Guaranteed GCV (4000)
- If GCV is less than
3700 kcal/kg, the goods will be rejected.
- If GCV is greater
than 4300 kcal/kg, no premium would be applicable.
Premium/Discount for Total Moisture:
- Total moisture in
excess of 12% (subject to maximum of 14%) shall be adjusted for as
follows:
Adjusted Quantity=Contract quantity x (100 - (Actual TM-Basis TM)/100
- Total moisture of
less than 12% shall not attract any premium.
- If Total Moisture is
greater than 14% the goods will be rejected.
Premium/Discount for Ash:
- Ash of less than 35%
shall not attract any premium.
- If Ash is greater
than 37% the goods will be rejected.
Premium/Discount for size : If more than 15% of the coal
is less than 10 mm in size, a discount of Rs 25/MT will be applicable on
every additional percentage over 15%
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Final Settlement Price
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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.
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