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Contract Specifications Indian 28.5 mm Cotton ( Applicable for contracts expiring in December 2008 and onwards).
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Contract Specification. ( Applicable for contracts expiring
in December 2008 and onwards )
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| Trading System |
NCDEX Trading System |
| Ticker symbol |
COTTONGUJ |
| Basis |
Ex-warehouse Kadi,
exclusive of all taxes |
| Unit of trading |
50 Bales with each
bale of 170 kg (= 85 Quintals) |
| Delivery unit |
50 Bales with each
bale of 170 kg (= 85 Quintals) |
| Quotation/base value |
Rs./Candy (3.5562
Quintals) |
| Tick size |
Re 10 |
| Quality specification
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INDIAN 28.5
mm COTTON
a. Staple length: As per HVI mode of assaying
1.Basis:28.5 mm
2. No premium above 28.5mm
3. 28.0mm – 28.4mm = -Rs.350/- per Candy
4.Below 28.0mm = Rejected
b. Micronaire
Basis: 3.7 - 4.8 with no premium/discount
c. Strength: With HVI mode of assaying
Basis: Min. 28 G/Tex with no premium above 28 G/Tex
d. Grades (On HVI Mode of Testing)
1. Basis: 31-1,31-2,31-3,41-1
2. 21-2 and above = No Premium
3. Tenderable Grades:31-4,41-2, 41-3 = -300/- per Candy
4. Below Tenderable Grades = Rejected
e. Moisture
1. Basis: 8 %
2. No Premium below 8%
3. Acceptable upto 8.5% with a discount of 1:1,
4. Above 8.5% Rejected
f. Trash content
Basis: Max. 3% with no premium below 3% |
| Quantity variation |
+/- 5% for total weight
of each deliverable lot |
Locational Premium
and discount with respect to basis center |
Goods can also be tendered at
Rajkot . The deliveries at Rajkot would be at par with Kadi deliveries. |
| Trading and Delivery months |
January, February, March, April,
May, June, July, August, October, November and December |
| Delivery center |
Kadi (Gujarat) |
| Also deliverable |
Also deliverable at Rajkot |
| Trading hours |
As per directions
of the Forward Markets Commission from time to time, currently
Mondays through Fridays : 10:00 AM to 05:00 PM
Saturdays : 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice |
| Delivery specification |
Upon expiry of the
contracts, if any seller with open position desires to give delivery
at a particular delivery center, then the corresponding buyer with
open position as matched by the process put in place by the Exchange
shall be bound to settle by taking physical delivery |
| No. of active contracts |
As per launch calendar
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| Opening of contracts |
Trading in new contract
month(s) will open on the 10th day of the month. If 10th day happens
to be a non- trading day then the contract will open on the next trading
day. |
| Due date/Expiry date |
20th day of the delivery month
If 20th day happens to be a holiday, a Saturday or a Sunday then the
due date shall be the immediately preceding trading day of the Exchange |
| Closing of contract |
All open positions will be settled
as per general rules and product specific regulations |
| 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 shall be raised by another (+/-) 1% and trade will be resumed.
If the price hits the revised price band 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 limit |
• Member: Maximum
of 60,000 bales or 15% of market wide open position whichever is higher.
• Client: Maximum of 20,000 bales.
The above limits will not apply to bonafide hedgers. For bonafide
hedgers, the Exchange will, on a case to case basis, decide the
hedge limits.
For near month contracts:
The following limits would be applicable from 10 days prior to expiry
date of a contract
• Member: Maximum up to 12,000 Bales or 15% of market wide
near month open position, whichever is higher
• Client: Maximum up to 4,000 Bales |
| 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. |
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Tolerance Limit
| Commodity Specifications |
Basis |
Acceptable quality
range as per contract specification |
Permissible Tolerance |
| Staple Length |
28.5 mm |
Min 28mm |
+/-0.25 mm tolerance |
| Mic |
3.7-4.8 |
3.7-4.8 |
+/-0.5 |
| Strength |
Min 28 g/tex |
Min 28 g/tex |
+/-0.5 g /tex |
| Grade |
31-1,31-2,31-3,41-1 |
31-4,41-2, 41-3 |
|
| Moisture |
Basis 8% |
Max 8.5% |
+/- 0.5% |
| Trash |
Basis: 3% |
Max tenderable upto 3% |
+/-.25% |
| Max Tolerance (for
all characteristics) |
+/- 1.5 % |
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Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
| August 2008 |
December 2008 |
| October 2008 |
January 2009 |
| November 2008 |
February 2009 |
| December 2008 |
March 2009 |
| January 2009 |
April 2009 |
| February 2009 |
May 2009 |
| March 2009 |
June 2009 |
|
Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
| April 2009 |
July 2009 |
| May 2009 |
August 2009 |
| June 2009 |
October 2009 |
| July 2009 |
November 2009 |
| August 2009 |
December 2009 |
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Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
August 2009
|
January 2010,February 2010 |
October 2009
|
March 2010 |
November 2009
|
April 2010 |
December 2009
|
May 2010 |
January 2010
|
June 2010 |
|
Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
March 2010
|
July 2010 |
| March 2010 |
August 2010 |
| April 2010 |
October 2010 |
| May 2010 |
November 2010 |
| June 2010 |
December 2010 |
|
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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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