New metals, menthol, jute contracts launchedJuly 31st, 2008 - 9:32 pm ICT by IANS
Ahmedabad, July 31 (IANS) The National Multi-Commodity Exchange (NMCE) has launched new series for futures contract in non-ferrous metals, menthol crystal and raw jute. All new contracts will be available for trading on NMCE e-platforms beginning Thursday. The new contracts in the six non-ferrous metals - aluminium ingot, nickel prime, copper, zinc, lead and tin - will mature Oct 31, while menthol crystal and jute contracts will mature Nov 29 and Dec 31 this year respectively.
The metals are traded in lots of different sizes, but prices are quoted in rupees per kilogram. In case of menthol crystal, it is traded in lots of one quintal, while the price is quoted in rupees per kilogram, and raw jute is traded in lots of 10 tonnes and prices quoted in rupees per quintal.
At present, the non-ferrous metals are concurrently traded in different monthly contracts on NMCE terminals, which may rund up to three months. Menthol crystal contracts run up to four months and that in raw jute up to five months.
The delivery centres for different commodities are the specified warehouses of the Central Warehousing Corp (CWC). For the six base metals, it is the CWC warehouse in Mumbai while the delivery centres for for menthol crystal and jute are at CWC warehouse in Chandausi (Uttar Pradesh) and the Kolkata warehouse respectively.
Besides these commodities, NMCE provides electronic platform for futures trading in pepper, sacking, guar seed, castor seed, rape and mustard seed, copra, coconut oil and isabgol seeds (psyllium). They are backed by delivery-based settlement system and finances from banks.
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Tags: aluminium ingot, base metals, castor seed, coconut oil, copra, cwc, delivery centres, electronic platform, futures contract, guar seed, isabgol, multi commodity exchange, mustard seed, nmce, non ferrous metals, psyllium, quintal, raw jute, rupees, settlement system