Futures Contract Specifications. Updated as on 21 November 2007
(Contract specifications applicable for contracts expiring in April 2008 and thereafter)
Type of Contract
Futures Contract Specifications
Name of Commodity
Barley
Ticker symbol
BARLEYJPR
Trading System
NCDEX Trading System
Basis
Ex-warehouse Jaipur (Chomu/KukurKheda) inclusive of all local taxes and levies
Unit of trading
10 MT
Delivery unit
10 MT packed in sound jute bags of 80 Kgs net weight basis
Quotation/base value
Rs per quintal
Tick size
Re. 0.20
Quality specification
Barley as per the following specification shall be acceptable for delivery:
Moisture
10% basis
Damaged including Discoloured (black tipped/ black cornered only) with Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on withdrawal
2% basis
Foreign Matter
2% max
Broken Kernels
2% basis
TCW (weight of thousand grains)
40 gm basis
Quantity variation
+/- 5 %
Basis Delivery centre
Jaipur (Chomu/Kukurkheda) (Up to 50 km radius from the municipal limits)
Additional delivery centres
Sri Madhopur (Upto 50 km radius from the municipal limits) at par and Bulandshahar and Rewari (Up to 50 km radius from the municipal limits) at a premium/discount as announced by the Exchange from time to time
Hours of Trading
As per directions of the Forward Markets Commission from time to time, currently - Mondays through Fridays - 10:00 AM to 5:00 PM
Saturdays - 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice
Delivery specification
Upon expiry of the contract, all outstanding open positions would result in compulsory delivery.
The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Opening of contracts
Trading in a new month contract to open on the 10th day of the month. If the 10th day happens to be a non-trading day, contracts would open on the next trading day
Due date/Expiry date
20th day of the delivery month
If 20th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day (other than a Saturday) of the Exchange
Closing of contracte
Upon the expiry of contract all the outstanding open position would result in compulsory delivery
No. of active contracts
As per annexure
Price band
Daily price fluctuation limit is (+/-) 2%. If the trade hits the prescribed daily price limit there will be a cooling off period for 15 minutes. Trade will be allowed during this cooling off period within the price band. Thereafter, the price band shall be raised by another (+/-) 2% and trade will be resumed. If the price hits the revised price band again during the day, trade will only be allowed within the revised price band. No trade/order shall be permitted during the day beyond the revised limit of (+/-) 4%.
On the first day, the limit on daily price fluctuation will be reckoned with reference to the opening price. On the second and subsequent days, the daily price fluctuation limit will be reckoned with reference to the mark-to-market rate of the previous closing day
Position Limits
Member-wise: 32,500 MT or 15% of market wide open position whichever is higher.
Client-wise : 6,500 MT
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
For near month contracts :
The following limits would be applicable from one month prior to expiry date of a contract
Member: Maximum of 6,500 MT or 15% of market-wide open interest whichever is higher
Client: Maximum of 1300 MT
Special margins
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
Premium/Discount
Location Premium/Discount
The premium or discount for Rewari and Bulandshahar vis--vis the basis center, would be announced by the Exchange before launching of any new contracts
Quality Premium/Discount for all the months Quality variance is acceptable in specifications for Moisture, Damaged including discoloured (black tipped) and infested kernels, Foreign Matter, TCW (thousand corn weight) only with discounts as follows:
Moisture
Moisture above 10% but up to 12% shall be accepted with rebate on 1:1 basis which shall be applied to such content rounded off to the higher 0.5%
Moisture above 12% - rejected
Damaged including Discoloured (black tipped/black cornered only) with Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on withdrawal
Damaged including {Discoloured (black tipped/ black cornered only) with Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on withdrawal} above 2% but up to 3.5% shall be accepted with rebate on 1:1 basis which shall be applied to such content rounded off to the higher 0.5%
Damaged including Discoloured (black tipped/ black cornered only) with Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on withdrawal, more than 3.5% - Rejected
Broken Kernels
Broken kernels above 2% but up to 3% shall be accepted with rebate on 1:1 basis which shall be applied to such content rounded off to the higher 0.5%
Broken kernels more than 3% - Rejected
TCW (Weight for thousand kernels)
TCW below 40 to 38 gms accepted with rebate on 1:1 basis which shall be applied to such content rounded off to the lower 1 gm
TCW below 38 gms - rejected
COMMODITY: BARLEY
Commodity Specifications
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
10% basis
12% max
Damaged including Discolored (black tipped/ black cornered only) with Infested Damaged Kernels not exceeding 1% max on deposit and 1.5% max on withdrawal
2% basis
3.5% max
+/- 0.25%
Foreign Matter
2% max
-
+/- 0.25%
Broken Kernels
2% basis
3% max
+/- 0.25%
TCW (weight of thousand grains)
40 gm basis
38 gm max
+/- 0.5%
Max Tolerance (for all characteristics)
+/- 1.00%
Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the parameters found as per the immediate preceding test certificate given by NCDEX approved assayer.
Contract Specification ( Applicable for contracts expiring in July 2010 and thereafter )
Type of Contract
Futures Contract Specifications
Name of Commodity
Barley
Ticker symbol
BARLEYJPR
Trading System
NCDEX Trading System
Basis
Ex-warehouse Jaipur (Chomu/KukurKheda) gross basis inclusive of all local taxes and levies
Unit of trading
10 MT
Delivery unit
10 MT
Quotation/base value
Rs per quintal
Tick size
Re. 0.20
Quality specification
Barley as per the following specification shall be acceptable for delivery :
Moisture
10% basis
Damaged including Discoloured (black tipped/ black cornered only)
3% basis
Weeviled
1% Max
Foreign Matter
(Extraneous Matter)-Not more than 1 % by weight, of which not more than 0.25% by weight shall be mineral matter and not more than 0.10 % by weight shall be impurities of animal origin.
Other food grains
1% Max
Broken Kernels
3% basis
TCW (weight of thousand grains)
40 gm basis
Quantity variation
+/- 5 %
Basis Delivery centre
Jaipur (Chomu/Kukurkheda) (Up to 50 km radius from the municipal limits)
Additional delivery centres
Sri Madhopur, Sri Ganganagar ,Hanumangarh and Rewari (Up to 50 km radius from the municipal limits) at a premium/discount as announced by the Exchange from time to time
Hours of Trading
As per directions of the Forward Markets Commission from time to time, currently -
Mondays through Fridays - 10:00 AM to 5:00 PM
Saturdays - 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice
Delivery specification
Upon expiry of the contract, all outstanding open positions would result in compulsory delivery.
The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Opening of contracts
Trading in a new month contract to open on the 10th day of the month. If the 10th day happens to be a non-trading day, contracts would open on the next trading day
Due date/Expiry date
20th day of the delivery month
If 20th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day (other than a Saturday) of the Exchange
Closing of contracte
Upon the expiry of contract all the outstanding open position would result in compulsory delivery
No. of active contracts
As per launch calendar
Price band
Daily price fluctuation limit is (+/-) 2%. If the trade hits the prescribed daily price limit there will be a cooling off period for 15 minutes. Trade will be allowed during this cooling off period within the price band. Thereafter, the price band shall be raised by another (+/-) 2% and trade will be resumed. If the price hits the revised price band again during the day, trade will only be allowed within the revised price band. No trade/order shall be permitted during the day beyond the revised limit of (+/-) 4%.
On the first day, the limit on daily price fluctuation will be reckoned with reference to the opening price. On the second and subsequent days, the daily price fluctuation limit will be reckoned with reference to the mark-to-market rate of the previous closing day.
Position Limits
Member-wise: 32,500 MT or 15% of market wide open position whichever is higher.
Client-wise: 6,500 MT
Hedge positions as indicated vide Commission's letter no. 4/4/2005-NCDEX/COMPL dated 4/10/2005.
For near month contracts :
The following limits would be applicable from one month prior to expiry date of a contract
Member: Maximum of 6,500 MT or 15% of market-wide open interest whichever is higher
Client: Maximum of 1300 MT
Special margins
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
Premium/Discount
Location Premium/Discount
The premium or discount for Rewari, Srimadhopur, Hanumangarh and Sri Ganganagar vis-a-vis the basis center, would be announced by the Exchange before launching of any new contracts
Quality Premium/Discount for all the months:
Quality variance is acceptable in specifications for Moisture, Damaged including discoloured (black tipped) , Weeviled Grains , Foreign Matter, TCW (thousand corn weight) only with discounts as follows:
Moisture
Moisture above 10% but up to 12% shall be accepted with rebate on 1:1 basis
Moisture above 12% - rejected
Damaged including Discoloured (black tipped/black cornered only)
Damaged including {Discoloured (black tipped/ black cornered only) above 3% but up to 4.5% shall be accepted with rebate on 1:1 basis which shall be applied to such content rounded off to the higher 0.5%.
Broken Kernels
Broken kernels above 3% but up to 5% shall be accepted with rebate on 1:1 basis which shall be applied to such content rounded off to the higher 0.5%
Broken kernels more than 5% - Rejected
TCW (Weight for thousand kernels)
TCW will be 40 gram basis. Acceptable up to 37 gram with rebate on 1:1 basis and up to 36 gm with rebate on 1:2 basis
Tolerance Limit
Commodity Specifications
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
10% basis
12% max
--
Damaged including Discolored (black tipped/ black cornered only)
3% basis
4.5% max
+/- 0.5%
Foreign Matter
(Extraneous Matter)-Not more than 1 % by weight,of which not more than 0.25% by weight shall be mineral matter and not more than 0.10 % by weight shall be impurities of animal origin.
-
-
Weevilled Grains
1% max
-
+/-0.5%
Other food Grains
1% max
-
-
Broken Kernels
3% basis
5% max
+/- 0.25%
TCW (weight of thousand grains)
40 gm basis
36gm max
+/- 0.5%
Max Tolerance (for all characteristics)
+/- 1%
Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the parameters found as per the immediate preceding test certificate given by NCDEX approved assayer.
