Contract specification for Electrolytic Copper Cathode Contracts. Updated as on February 10, 2009
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Type of Contract
Futures Contract Specifications
Name of Commodity
Electrolytic Copper Cathode
Ticker symbol
COPELCMUM1
Trading System
NCDEX Trading System
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: 5,000 Metric Tonnes or 20% of market wide open position whichever is higher.
Client–wise:1,000 Metric Tonnes
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 for Electrolytic Copper Cathode Contract: ( Updated as on February 10, 2009 )
Opening Date
Expiry Date
1st September 2008
27th February 2009
3rd November 2008
30th April 2009
1st January 2009
30th June 2009
2nd March 2009
31st August 2009
1st May 2009
30th November 2009
Modified 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: As per Annexure III or 20% of market wide open position whichever is higher.
Client–wise: As per Annexure III
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
Position Limits at Commodity Level (in MT)
COPELCMUM1 (applicable for contracts expiring up to Nov 2009)
COPPER
(applicable for contracts expiring Feb- 2010 onwards)
Date
MEMBER
CLIENT
MEMBER
CLIENT
Up to August 31, 2009
5000
1000
0
0
From September 1, 2009 to November 02, 2009
2500
500
2500
500
From November 03, 2009 to November 30, 2009
1650
300
3350
700
December 01, 2009 Onwards
0
0
5000
1000
The limits mentioned above cover all expiry months of COPELCMUM1 and COPPER respectively.
Please note that as per the contract specifications, for individual symbols COPELCMUM1 and COPPER, the upper limit at Member level would be either the maximum absolute limit mentioned in the table above or 20% of Market Open Interest, whichever is higher.
