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Futures Contract Specifications for Turmeric.
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| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Turmeric |
| Ticker symbol |
TMCFGRNZM |
| Trading System |
NCDEX Trading System |
| Basis |
Unpolished turmeric fingers Nizamabad quality ex warehouse Nizamabad inclusive of Sales Tax/VAT |
| Unit of trading |
5 MT |
| Delivery unit |
5 MT |
| Quotation/base value |
Rs. per Quintal |
| Tick size |
Re. 2 |
| Quality specification
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Unpolished turmeric fingers of the current year with the follow specifications as the basis
Unpolished turmeric fingers #
- Inferior quality Turmeric* should not be more than 1.5%
- Length
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Fingers that are broken / those less than 15mm should not be more
than 3.0%
- At least 75% of turmeric should be more than 3 cm in length
- Damage due to moisture (i.e. Lokhandi) or over boiling (i.e. Kadh) should not be more than 1.2%
- Unboiled or less boiled turmeric should not be more than 0.3%
- Bhusa, chaff dirt, earth clods and stones should not be more than 0.75%
- Bulbs should not be more than 3%
- Moisture
- Basis 12%
- Allowed at 1:1 discount upto 13%
- Turmeric should be free from fungus
- Turmeric should not be artificially coloured with dyes or chemicals
#Farmer polished turmeric will be treated as good for delivery at 'on par' basis
* Chora/atthu finger, khota gatha, markha |
| Also Deliverable |
The following qualities will be
acceptable at Exchange specified premium/discount
- Only farmer polished fingers will be acceptable in case of Rajapore, Desi Cuddapah, Erode and Salem qualities
- Farmer polished fingers/unpolished fingers will be acceptable in the case of Duggirala and Warangal qualities
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| Quantity variation |
+/- 2% |
| Delivery center |
Nizamabad (up to the radius of 50 Km from the municipal limits) |
| Additional delivery centres |
Sangli, Erode, Duggirala and Warangal (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 |
| Hours of Trading |
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 change 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, which is other than a Saturday. |
| Delivery logic |
Compulsory delivery |
| 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. |
| 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 fluctuation limit |
Daily price limit will be (+/-)2%. If the price touches (+/-) 2%, trading will continue with 2% limit for the 15 minutes period from the time 2% limit was reached. Thereafter, price limit would be extended by another (+)/ (-) 2 %. No trade would be permitted during the day beyond the price limit of (+)/(-) 4% from the previous day’s closing price |
| Position limits |
Member:9,000 MT for all contracts or 15% of market wide open position whichever is higher.
Client:3,000 MT for all contracts
Hedge position as indicated vide Commission’s letter no. 4/4/2005-NCDEX/COMPL. Dated 4/10/2005
For near month contracts:
The following limits would be applicable from 28 days prior to expiry date of a contract
Member: Maximum of 1,800 MT or 15% of the market-wide near month open position, whichever is higher
Client:Maximum of 600 MT |
| Special margins |
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 |
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Tolerance limit for outbound deliveries :-
| Specification |
Basis |
Tolerance Limit |
| Inferior quality Turmeric (Chora/atthu finger, khota gatha, markha) |
Upto 1.5% |
+/- 0.3% |
| Length |
At least 75% of turmeric should be more than 3 cm in length |
+/- 3% |
| Damage due to moisture (i.e. Lokhandi) or over boiling (i.e. Kadh) |
Upto 1.2% |
+/- 0.2% |
| Bhusa, chaff dirt, earth clods and stones |
Upto 0.75% |
+/- 0.25% |
| Bulbs |
Upto 3% |
+/- 0.5% |
Upper limit on the total of all tolerances |
+/- 3.6% |
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Contract Launch Calendar :-
| Contract Launch Month |
Contract Expiry Month |
| October 2009 |
April 2010 |
| November 2009 |
May 2010 |
| December 2009 |
June 2010 |
| January 2010 |
No Launch |
| February 2010 |
No Launch |
| March 2010 |
No Launch |
| April 2010 |
July 2010 |
| May 2010 |
August 2010 |
| June 2010 |
September 2010 |
| July 2010 |
October 2010 |
| August 2010 |
November 2010 |
| September 2010 |
December 2010 |
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Contract Launch Calendar of Turmeric :-
| Contract Launch Month |
Contract Expiry Month |
| October 2010 |
April 2011 |
| November 2010 |
May 2011 |
| December 2010 |
June 2011 |
| January 2011 |
No launch |
| February 2011 |
No launch |
| March 2011 |
No launch |
| April 2011 |
July 2011 |
| May 2011 |
August 2011 |
| June 2011 |
September 2011 |
| July 2011 |
October 2011 |
| August 2011 |
November 2011 |
| September 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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