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Futures Contract Specifications for Gur
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| Type of Contract |
Futures Contract
Specifications |
| Name of Commodity |
Gur |
| Ticker symbol |
GURCHMUZR |
| Trading System |
NCDEX Trading System |
| Basis |
Ex-cold storage warehouse
Muzaffarnagar inclusive of all local taxes |
| Unit of trading |
10 MT |
| Delivery unit |
10 MT net basis packed
in new jute bags. Packaging costs shall be borne by the buyer |
| Quotation/base value |
Rs per 40 Kgs |
| Tick size |
20 paise |
| Quality specification
|
100% dry golden brown
Gur of Chaku type of the following specifications:
| Sucrose (on dry basis) percent by mass |
75-80 % min |
| Reducing sugars (on dry basis) percent by mass |
10-15% max |
| Moisture |
11 % max |
| Sulphur dioxide (on dry basis) percent by mass |
70 ppm max |
| Water insoluble matter (on dry basis) percent by mass |
1.5 % max |
| Sulphated ash (on dry basis) percent by mass |
3.5% max |
| Ash insoluble in dilute hydrochloric acid (on dry basis) percent by mass |
0.3% max |
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| Also deliverable |
100% dry Gur of Balti
type, meeting above specifications shall be deliverable at Hapur
100% dry Gur of Choursa type, meeting above specifications shall be
deliverable at Meerut |
| Quantity variation |
+/- 5 % |
| Delivery center |
Muzaffarnagar |
| Additional delivery centres |
Hapur, Meerut with location premium/discount
as may be announced by the Exchange from time to time |
| Types of Gur Deliverable |
From October
to May:
Muzaffarnagar – Chaku Gur on ready arrival basis
Hapur – Balti
Meerut – Choursa
From June to September:
Muzaffarnagar – Chaku Gur deliverable on cold storage basis
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| Hours of Trading |
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 |
| 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,
not being a Saturday. |
| Delivery specification |
The seller would be
required to give their intentions to give delivery at least 5 days
before the maturity of the contract. If the buyer with outstanding
positions at maturity or a seller who has given an option to delivery
fails to meet their respective obligation, the penalty structure will
be as per circular no. NCDEX/TRADING-091/2007/235 dated October 4,
2007. |
| Closing of contract |
On the expiry of the contract,
all outstanding positions not resulting in giving/taking of physical
delivery of commodity shall be closed out at the Final Settlement
Price announced by the Exchange |
| Opening of contracts |
Trading in new month 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 |
| No. of active contracts |
As per Annexure A |
| Price band |
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% |
| Position limits |
Member–wise:
30,000 MT for all contracts or 15% of market wide Open Interest which
ever is higher.
Client–wise: 10,000 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
For Near Month contracts:
The following limits will apply one month prior to expiry of the contract
Member-wise: 6,000 MT or 15% of market-wide open interest whichever is higher
Client-wise: 2,000 MT
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| Special margins |
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 |
| Premium/Discount |
Premium/Discount for type
of Gur:
100% dry Gur of Balti type of the same specifications shall be deliverable
at Hapur at premium/discount over/below the traded price for which
the premium/discount shall be announced by the Exchange at the time
of launch of the contract.
100% dry Gur of Choursa type of the same specifications shall be deliverable
at Meerut at premium/discount over/below the traded price for which
the premium/discount shall be announced by the Exchange at the time
of launch of the contract.
Premium/Discount for quality
of Gur:
The premium/discount for quality of Gur shall apply over and above
the premium/discount for type of Gur
Sucrose (on
dry basis) percent by mass
Gur with sucrose (on dry basis) percent by mass of > = 80% max
shall be acceptable at a premium of Rs 2 per 40 kgs
Gur with sucrose (on dry basis) percent by mass of 70-75% max shall
be acceptable at a discount of Rs 2 per 40 kgs
Gur with sucrose (on dry basis) percent by mass of less than 70% shall
be rejected
Reducing sugars (on dry basis) percent
by mass
Gur with reducing sugars (on dry basis) percent by mass of 15-20%
max shall be acceptable at a discount of Rs 2 per 40 kgs
Gur with reducing sugars (on dry basis) percent by mass of more than
20% shall be rejected
Sulphur dioxide (on dry basis)
percent by mass
Gur with sulphur dioxide (on dry basis) percent by mass of 60-70 ppm
shall be acceptable at par
Gur with sulphur dioxide (on dry basis) percent by mass of 50-60 ppm
shall be acceptable at a premium of Rs 5 per 40 kgs
Gur with sulphur dioxide (on dry basis) percent by mass of less than
50 ppm shall be acceptable at a premium of Rs 7 per 40 kgs
Gur with sulphur dioxide (on dry basis) percent by mass of more than
70 ppm shall be rejected
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Contract Launch Calendar :-
| Contract Launch Month |
Contract Expiry Month |
| June 2009 |
No Launch |
| July 2009 |
No Launch |
| August 2009 |
January 2010 |
| September 2009 |
No Launch |
| October 2009 |
March 2010 |
| November 2009 |
No Launch |
| December 2009 |
July 2010 |
| January 2010 |
September 2010 |
| February 2010 |
No Launch |
| March 2010 |
November 2010 |
| April 2010 |
No Launch |
| May 2010 |
December 2010 |
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Contract Launch Calendar of Gur :-
| Contract Launch Month |
Contract Expiry Month |
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June 2010 |
No Launch |
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July 2010 |
No Launch |
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August 2010 |
January 2011 |
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September 2010 |
No Launch |
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October 2010 |
March 2011 |
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November 2010 |
No Launch |
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December 2010 |
July 2011 |
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January 2011 |
September 2011 |
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February 2011 |
No Launch |
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March 2011 |
November 2011 |
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April 2011 |
No Launch |
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May 2011 |
December 2011 |
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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.
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