| |
Contract Specifications of Almond
|
| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Almond |
| Ticker symbol |
BADAM |
| Trading System |
NCDEX Trading System |
| Basis |
Ex-Delhi exclusive
of taxes |
| Unit of trading |
900Kg |
| Delivery unit |
900Kg |
| Quotation/base value |
Rs per Kg |
| Tick size |
Rs 0.25 (i.e. 25 paise) |
| Delivery center |
Delhi (Up to the radius
of 50 Km from the municipal limits) |
| Additional delivery
centers |
Navi Mumbai (Up to
the radius of 50 Km from the municipal limits) with location wise
premium/discount as announced by the Exchange from time to time |
| Quality specification |
Nonpareil variety of Almond
Light-medium brown coloured Kernels
Count: Max 30/Oz (28.35g)
Chips* and Scratches** total: 5% max(Chips 1% max)
Moisture: 5% max (surface moisture 1% max)
Foreign Matter: 0.02% max
Dissimilar: 5% max
Doubles(Twins): 5% max
Splits and broken#: 1% max
Other defects: 4% max, Other defects include
- Gum- more than 6mm in diameter
- Shriveling: less than 3/4 of pellicle filled
- Brown spot more than 3mm in diameter
Serious defects: 0.5% max (includes decay, rancidity, insect injury,
damage by mold)
*Chipped Kernel: mechanically damaged kernel which contains aggregate
damage of more than equivalent of a circle of 3 mm diameter in depth
**Scratched Kernel: superficially mechanically damaged kernel with
absence of part of the skin, containing aggregate scratched areas
of more than equivalent of a circle of 3 mm in diameter
#Splits and Broken: Mechanically damaged kernel from which more than
1/8th of the kernel is missing (not passable through a 3.2mm diameter
sieve) |
| Quantity variation |
+/- 2% |
| Trading hours |
As per directions
of the Forward Markets Commission from time to time, currently:
Mondays through Fridays: 10:00 a. m. to 5:00 p.m.
Saturdays: 10.00 a.m. to 2.00 p.m.
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 of the Exchange
|
| Final Settlement Price |
The final settlement
price shall be the polled spot price of the basis centre on the day
of expiry. |
| Delivery specification |
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 |
| Delivery Logic |
Compulsory Delivery |
| Opening of contracts |
Trading in any contract month
will open on the 10th day of the month. If 10th happens to be a non-trading
day, contracts would open on the next trading day |
| Closing of contract |
On the expiry of the contract,
all the outstanding position would have to be settled by physical
delivery |
| No. of active contracts |
As per launch calendar |
| Daily Price limit |
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 (+/-) 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%. |
| Position limits |
Member: Maximum
of 360 MT for all contracts or 15% of market open position whichever
is higher
Client: Maximum of 120 MT for all contracts
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.
For near month contracts:
The following limits would be applicable from one month prior to expiry
date of a contract
Member: Maximum of 120 MT or 15% of the market-wide
near month open position, whichever is higher.
Client: 40 MT |
| Special Margin |
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 |
|
Tolerance Limits for Outbound Deliveries for Almond
:-
| Specification |
Basis |
Deliverable Range |
Tolerance Limit |
| Chips and Scratches total |
5% max |
NA |
+/-0.25% |
| Moisture |
5% max |
NA |
+/-0.25 % |
| Foreign Matter |
0.02% max |
NA |
+/-0.005 % |
| Splits and broken |
1% max |
NA |
+/-0.1% |
| Other defects |
4% max |
NA |
+/-0.25 % |
| Upper limit on the
total of all tolerances |
0.5% |
|
Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters
within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the
parameters found as per the immediate preceding test certificate given by NCDEX approved assayer.
Contract Launch Calendar of Almond :-
| Contract Launch Month |
Contract Expiry Month |
|
June 2010 |
September 2010 |
|
July 2010
|
October 2010 |
|
August 2010 |
November 2010 |
|
September 2010 |
December 2010 |
|
October 2010 |
January 2011 |
|
November 2010 |
February 2011 |
|
December 2010 |
March 2011 |
|
January 2011 |
April 2011 |
|
February 2011 |
May 2011 |
|
March 2011 |
June 2011 |
|
April 2011 |
July 2011 |
|
May 2011 |
August 2011 |
|
June 2011 |
September 2011 |
|
July 2011 |
October 2011 |
|
August 2011 |
November 2011 |
|
September 2011 |
December 2011 |
|
 |
Members and market participants who enter into buy and sell transactions may
please note that they need to be aware of all the factors that go into the
mechanism of trading and clearing, as well as all provisions of the Exchange's
Bye Laws, Rules, Regulations, Product Notes, circulars, directives,
notifications of the Exchange as well as of the Regulators, Governments and
other authorities.
Members and market participants trading on the Exchange in the
commodity contracts shall be deemed to be aware of applicable laws and
amendments thereof from time to time, including provisions and rates relating
to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty,
stamp duty, etc., applicable on the underlying commodity of any contract
offered for trading.
The Exchange shall not be responsible or liable on account of non
compliance by any of the members and market participants of any such applicable
laws or any amendments thereof including not being aware of rates of taxes,
levies, etc., on the underlying commodity of any contract offered for trading.
|
|
|
|
|