NMCE launches new futures in metals, menthol and jute

Written by Commodities Bureau | Mumbai, Apr 29 | Updated: Apr 30 2008, 06:13am hrs
The National Multi-Commodity Exchange (NMCE), Ahemdabad has launched new series for futures contract in non-ferrous metals, menthol crystal and raw jute. All the contracts will be available for trading on NMCE e-platforms from Friday.

The new contracts in six non-ferrous metals - aluminium ingot, nickel prime, copper, zinc, lead and tin - will mature on July 31. The new contract in menthol crystal will mature on August 30 and the contract raw jute on September 30.

Currently, these non-ferrous metals are simultaneously traded in different monthly contracts on NMCE terminals, up to three months in advance, each expiring on the last trading day of the respective calendar month.

Menthol crystal contracts run up to four months and that in raw jute, up to five months simultaneously, NMCE release said. 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, the delivery centre for menthol crystal is at the CWC warehouse at Chandausi, Uttar Pradesh and for raw jute at the CWC warehouse in Kolkata.

NMCE also provides electronic platforms for futures trading in rubber, pepper, sacking, guar seed, castor seed, rape and mustard seed, copra, isabgol, cardamom and turmeric.

They are backed by delivery-based settlement system and finances from banks. The exchange also introduced futures contracts in coffee arabica and coffee robusta in early April. The two new contracts in both varieties will expire on July 15 and September 15 respectively.

The delivery centre will be the Central Warehousing Corporation (CWC) warehouse at Bangalore.