Contract Specifications of Copper Cathode.
( Applicable for contracts expiring in February 2010 and thereafter
) |
| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Copper Cathode |
| Ticker symbol |
COPPER |
| Basis |
Ex-Warehouse at Bhiwandi, exclusive
of Import Duty, CVD/Excise, Cess, Sales Tax / VAT and any other levy
or tax. In addition, the Buyers will be liable to pay delivery charges
to Seller as notified by the Exchange before launch of respective
contract |
| Unit of trading |
1 MT (one tonne) |
| Delivery unit |
1 MT (one tonne) |
| Quotation/base value |
Rs per KG |
| Tick size |
Re. 0.05 per KG (5
Paise ) |
| Quality specification
|
ASTM B 115 /95, and
IS 191
(London Metal Exchange Approved Brands and Hindustan Copper Ltd. only) |
| Quantity variation |
+/- 250 KGs OR 2%
whichever is lower |
| Delivery center |
Mumbai (Outside Octroi
Limits) |
| Additional delivery centres |
Delhi |
| Hours of trading |
As per directions
of the Forward Markets Commission from Time to Time, currently:
Mondays through Fridays – 10:00 AM to 11:30 PM / 11:55 PM *
Saturdays – 10:00AM to 02:00 PM
Expiry Date – at 11:30 PM / 11:55 PM *
*Timings are based on Daylight Savings Calendar published by US Government.
The Exchange may change the above timing with due notice. |
| Delivery specification |
The seller would be
required to give their intentions to give delivery at least 3 days
before the maturity of the contract. If the buyer with an outstanding
position at maturity or a seller who has given an option to delivery
fails to meet their respective obligations, the penalty structure
will be as per circular no. NCDEX/TRADING-091/2007/235 dated October
4, 2007. |
| No. of active contracts |
As per the launch
calendar |
| Opening of contracts |
Trading in any contract
month will open on the 1st day of the month. If the 1st day happens
to be a non-trading day contracts would open on the next trading day. |
| Due date/Expiry date |
Last trading day of the month
If last 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 |
On 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 |
| Price band |
Base daily price fluctuation limit
is (+/-)4%. If the trade hits the prescribed base daily price limit,
the limit will be relaxed up to (+/-)6% without any break/ cooling
off period in the trade. In case the daily price limit of (+/-)6%
is also breached, then after a cooling off period of 15 minutes, the
daily price limit will be further relaxed up to (+/-) 9%. Trade will
be allowed during the cooling off period within the price band of
(+/-)6%.
In case of price movement in International markets which is more than
the maximum daily price limit (currently 9%), the same may be further
relaxed in steps of 3% with the approval of FMC. |
| Position Limits |
Member–wise: 5000 or 20% of marketwide OI
Client–wise: 1000
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 |
| Special Margin |
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 the buyer or the seller depending on whether
price rises or falls respectively. The margin shall remain in force
so long as the price stays beyond the 20% limit and will be withdrawn
as soon as the price is within the 20% band. |
|
Launch Calendar:-
| Contract Launch Month |
Contract Expiry Month |
| 1 September 2009 |
26 February 2010 |
| 3 November 2009 |
30 April 2010 |
| 1 January 2010 |
30 June 2010 |
| 1 March 2010 |
31 August 2010 |
| 3 May 2010 |
30 November 2010 |
|
Contract Launch Calendar of Copper Cathode :-
| Contract Launch Month |
Contract Expiry Month |
| 1 September 2010 |
28 February 2011 |
| 1 November 2010 |
29 April 2011 |
| 1 January 2011 |
30 June 2011 |
| 1 March 2011 |
31 August 2011 |
| 2 May 2011 |
30 November 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.
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