Generally conforms to industry standards with maximum Sulphur of 0.2% (total percentage by mass). Also confirming No.2 Heating Oil industry norms.
Basis
Ex - Mumbai (excluding all taxes, sales tax / VAT as the case may be, levies and other expenses)
Delivery center
JNPT/ Mumbai Port
Trading hours
Mondays through Fridays - 10:00 AM to 11:30 PM
10:00 AM to 11:55 PM (during US day light saving period)
Saturdays - 10:00AM to 02:00 PM
Expiry Date - at 11:30 PM / 11:55 PM *
All timings are as per Indian Standard Timings (IST)
*during US day light saving period
Due date/Expiry date
25th day of the delivery month
If 25th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange
Delivery specification
The buyer and seller shall give intentions of taking/giving delivery through the delivery request window at least three trading days prior to the expiry of the contracts and such intentions can be given during 3 days which would be notified separately. This will be matched by exchange for physical delivery as per the process put in place by the Exchange.
Delivery Logic
Intention Matching
Closing of contract
All open positions for which delivery intentions have not been received or for which delivery intentions have been rendered but remain unmatched for want of counterparty to settle delivery, will be cash settled at Final Settlement Price on the expiry of the contract.
Opening of contracts
Trading in any contract month will open on the 26th day of the month.
If the 26th day happens to be a non-trading day, contracts would open on the next trading day
No. of active contracts
As per launch calendar
Price limit
Base daily price fluctuation limit is (+/-) 4%. If the trade hits the prescribed daily price limit, the price limits will be relaxed up to (+/-) 6% without any break/ cooling off period in the trade. In case the daily price limit of (+/-) 6% is 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
Client level : 4000 contracts
Member level : 12000 contracts or 20% of market open position, whichever is higher.
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
In case of additional volatility, a special margin at such other percentage, as deemed fit, will be imposed in respect of outstanding positions, which will remain in force as long as the volatility exists, after which the special margin may be relaxed
Final Settlement Price
The Final Settlement Price (FSP) of Heating Oil contract would be the international spot price of Heating Oil as polled by the Exchange and converted at the USD/Rupee exchange rate prevailing on expiry date.
