The National Multi-Commodity Exchange (NMCE) has launched a new series for futures contracts in non-ferrous metals, menthol crystal and raw jute. All new contracts will be available for trading on NMCE platforms from Friday.
The new contracts in the six non-ferrous metals – aluminium ingot, nickel prime, copper, zinc, lead and tin – will mature on October 31, menthol crystal on November 29 and raw jute on December 31, 2008. The metals are traded in lots of different sizes, but prices are quoted in rupees per kg.
In the case of menthol crystal, it is traded in lots of one quintal, while the price is quoted in rupees per kg, and raw jute is traded in lots of 10 tonne and prices quoted in rupees per quintal.
Currently, non-ferrous metals are concurrently traded in different monthly contracts, up to three months, each expiring on the last trading day of respective calendar month. Menthol crystal contracts run up to four months and those in raw jute, run up to five months.
The delivery centres for different commodities, as per specified quality, are at specified warehouses of the Central Warehousing Corporation (CWC) across the country. For the six base metals, it is at the CWC warehouse in Mumbai, that for menthol crystal is the CWC warehouse at Chandausi (Uttar Pradesh) and for raw jute it is the CWC warehouse in Kolkata.
Besides these commodities, the exchange provides an electronic platform for futures trading in pepper, sacking, guar seed and castor seed.