The National Multi-Commodity Exchange (NMCE) has launched new series for futures contract in base metals, menthol crystal and raw jute.
All the contracts will be available for trading on NMCE e-platforms from Tuesday. The new contracts in the six non-ferrous metals – aluminium ingot, nickel prime, copper, zinc, lead and tin – will mature on June 30, 2008. The new contract in menthol crystal will expire on July 31 and that in raw jute on August 30, 2008.
At present, the non-ferrous metals are simultaneously traded in different monthly contracts on NMCE terminals, up to three months, each expiring on the last trading day of respective calendar month. Menthol crystal contracts run up to four months and that in raw jute up to five months, an exchange release said.
These metals are usually traded in lots (units) of one or two Metric Tonnes (MT) but prices are quoted in Rs per kg. In case of menthol crystal, it is traded in lots of one quintal, while the price is quoted in rupees per kg. And, in case of raw jute, the commodity is traded in lots of 10 mt and quoted in rupees per quintal. The delivery centres for different commodities, as per specified quality, are at specified warehouses of the Central Warehousing Corporation (CWC) in the country.