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Contract Specifications Indian 31mm Cotton
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Contract Specifications Indian 31mm Cotton. Updated
as on 07 August 2008
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| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Indian 31mm Cotton |
| Ticker symbol |
COTI31GTR |
| Trading System |
NCDEX Trading System |
| Basis |
Ex - warehouse Guntur,
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.1.00 |
| Quality specification
|
Indian 31
mm Cotton
a. Staple length: As per HVI mode of
assaying
• Basis: 31 mm
• Tenderable
Range: 30 – 32 mm with no premium above 32 mm.
b.
Micronaire:
• Basis: 3.5 – 4
•
Tenderable Range: 3.3 – 4.3
c. Strength: As
per HVI mode of assaying
• Basis: 31 G/Tex
• Tenderable Range: 30
– 32 G/Tex
d. Grades:
• Basis: Fine
• Tenderable range of grades:
`Fully Good’, `Fine’, `Superfine’
e. Moisture:
• Basis: 8 .5%;
• Max. tenderable up to 10% moisture with discount in the ratio
of 1:1.
f. Trash content:
• Basis: 3%
Max. tenderable up to 4% with discount in the ratio 1:1;
also tenderable below 3% trash with premium in the ratio of 1:1
|
| Quantity variation |
+/- 5% for total weight
of each deliverable lot |
| Trading and Delivery months |
January, February, March, May,
July, August, October, November and December |
| Delivery center |
Guntur (Andhra Pradesh) |
| 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
|
| 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 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
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Member level
: Maximum of 45,000 Bales or 15 % of Market Open Position in the commodity,
whichever is higher
Client level: 15,000 Bales
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 circular no. NCDEX/TRADING-100/2005/219 dated
October 20, 2005
Near month limit (The following limits would be applicable from 28
days prior to expiry date of a contract)
Member Level: Maximum of 9,000 Bales or 15 % of total
near month Open Position in the commodity, whichever is higher
Client Level: 3,000 Bales |
| Special margins |
Special margin of
4% of the value of the contract will be levied whenever the rise or
fall in price exceeds 20% of the 90 days prior settlement price. The
margin will be payable by buyer or seller depending on whether price
rises or falls respectively. The margin shall stay in force so long
as price exceeds the 20% limit |
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COMMODITY: INDIAN 31 MM COTTON
| Commodity
Specifications |
Basis |
Acceptable
quality range as per contract specification |
Permissible
Tolerance |
| Staple Length |
31mm |
30mm - 32mm |
+/-0.25 mm tolerance |
| Mic |
3.5-4 |
3.3 - 4.3 |
+/-0.5 |
| Strength |
31 G/Tex |
30 - 32 G/Tex |
+/-0.5 g /tex |
| Grade |
Fine |
Fully Good, Fine , Superfine |
|
| Moiture |
8 .5%; |
upto 10% moisture with discount
in the ratio of 1:1. |
+/- 1% |
| Trash |
3% |
tenderable up to 4% with discount
in the ratio 1:1 |
+/-0.25% |
| Max Tolerance (for
all characteristics) |
1.5 % |
| 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. |
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Contract Launch Calendar
| Contract Launch
Month |
Contract Expiry
Month |
| April 2008 |
August 2008 |
| May 2008 |
No Launch |
| June 2008 |
October 2008 |
| July 2008 |
November 2008 |
| August 2008 |
December 2008 |
| October 2008 |
January 2009 |
| November 2008 |
February 2009 |
| December 2008 |
March 2009 |
| January 2009 |
No launch |
| February 2009 |
May 2009 |
|
Contract Launch Calendar :
| Contract Launch
Month |
Contract Expiry
Month |
June 2009
|
July 2009,August 2009,October
2009 |
July 2009
|
November 2009 |
August 2009
|
December 2009 |
|
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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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