Futures Contract Specifications. Updated as on 5 February 2009. (Applicable till August 2009 expiry contract)
Type of Contract
Castorseed Futures Contract Specifications
Name of Commodity
Castorseed
Ticker symbol
CASTORDSA
Trading System
NCDEX Trading System
Basis
Ex-warehouse Deesa, exclusive of sales tax/VAT
Unit of trading
10 MT
Delivery unit
10 MT
Quotation/base value
Rs. Per 20 kg
Tick size
Re. 0.10 (10 Paise)
Quality specification
Castor Seed (Gujarat small seed) with the following specifications:
Oil content
47% basis
Foreign matter and damaged seeds
3% basis
Moisture content
4.5 % max
Acceptable quality variations at the time of taking physical delivery shall be applicable as per annexure to the contract specifications
Quantity variation
+/- 2 %
Delivery center
Deesa (upto the radius of 50 km from the municipal limits)
Additional delivery centres
Bhabhar, Kadi, Palanpur, Patan (upto the radius of 50 km from the municipal limits) with location wise premium/discount as announced by the Exchange from time to time
Trading hours
As per directions of the Forward Markets Commission from time to time, currently -
Mondays through Fridays: 10:00 a. m. to 5:00 p.m.
Saturdays: 10.00 a.m. to 2.00 p.m.
The Exchange may change the above timing with due notice
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 of the Exchange, which is not a Saturday
Delivery Specification
Upon expiry of the contract all outstanding positions will result in 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
Delivery logic
Compulsory delivery
Closing of contract
Upon the expiry of contract all outstanding open positions would result in physical delivery
Opening of Contracts
Trading in any contract month will open 10th day of the month. If the 10th day happens to be a non-trading day, contracts would open on next trading day
No. of active contracts
As per launch calendar
Price limit
Daily price fluctuation limit is (+/-) 3%. 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 would be raised by (+/-) 1% and trade will be resumed
If the price hits the revised price band (4%) 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%
Position limits
Member level: 24,000 MT or 15 % of Market Open Interest whichever is higher
Client level : 8,000 MT
(The above limits will not apply to bona fide hedgers. For bonafide hedgers, the Exchange will, on a case to case basis decide the hedge limits.)
For near month contracts
The following limits would be applicable from 28 days prior to expiry date of contract
Member: Maximum of 6,000 MT or 15 % of the market-wide near month open position, whichever is higher
Client: Maximum of 2,000 MT
Premium/Discount
Quality variations shall be accepted with discount as under:
Oil Content:
From 45% to 47% accepted at discount of 2:1 or part thereof,
Below 45% rejected
Foreign matter and damaged seeds:
From 3% to 6% accepted at discount of 1:1 or part thereof,
Above 6% rejected
Example for Oil content discount:
Oil content in Castor Seed below 47% but within 45 % will attract discount. For every 1% decrease in oil content or part thereof, there will be a discount of 2 % or part thereof in price.
Tolerance limit for outbound deliveries of Castor seed
Commodity Specifications
Deposit
Deliverable Range
Remat (Out bound Delivery)
Oil content
47% basis
From 45% to 47% accepted at discount of 2:1 or part thereof, Below 45% rejected
+/- 0.25%
Foreign matter and damaged seeds
3% basis
From 3% to 6% accepted at discount of 1:1 or part thereof,
Above 6% rejected
+/- 0.25%
Moisture content
4.5% max
Maximum Tolerance (for all characteristics)
+/- 0.50%
Note : Tolerance limit is applicable only for out bound 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.
Futures Contract Specifications. Updated as on 8 May 2009
(Contract specifications applicable for contract expiring in September 2009 and thereafter)
Type of Contract
Futures Contract Specifications
Name of Commodity
Castor seed
Ticker symbol
CASTORSEED
Trading System
NCDEX Trading System
Basis
Ex-warehouse Deesa, exclusive of sales tax/VAT
Unit of trading
10 MT
Delivery unit
10 MT
Quotation/base value
Rs. Per Quintal (100 kg)
Tick size
Re. 0.50 (50 Paise)
Quality specification
Castor Seed (Gujarat small seed) with the following specifications:
Oil content
47% basis
Foreign matter and damaged seeds
3% basis
Moisture content
4.5 % max
Acceptable quality variations at the time of taking physical delivery shall be applicable as per annexure to the contract specifications
Quantity variation
+/- 2 %
Delivery center
Deesa (upto the radius of 50 km from the municipal limits)
Additional delivery centres
Bhabhar, Kadi, Palanpur, Patan (upto the radius of 50 km from the municipal limits) with location wise premium/discount as announced by the Exchange from time to time
Trading hours
As per directions of the Forward Markets Commission from time to time, currently -
Mondays through Fridays: 10:00 a. m. to 5:00 p.m.
Saturdays: 10.00 a.m. to 2.00 p.m.
The Exchange may change the above timing with due notice
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 of the Exchange, which is not a Saturday
Delivery Specification
Upon expiry of the contract all outstanding positions will result in 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.
Delivery logic
Compulsory delivery
Closing of contract
Upon the expiry of contract all outstanding open positions would result in physical delivery
Opening of Contracts
Trading in any contract month will open 10th day of the month. If the 10th day happens to be a non-trading day, contracts would open on next trading day
No. of active contracts
As per launch calendar
Price limit
Daily price fluctuation limit is (+/-) 3%. 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 would be raised by (+/-) 1% and trade will be resumed
If the price hits the revised price band (4%) 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%
Position limits
Member level: 15,000 MT or 15 % of Market Open Interest whichever is higher
Client level :5,000 MT
The above limits will not apply to bona fide hedgers. For bonafide hedgers, the Exchange will, on a case to case basis decide the hedge limits
For near month contracts
The following limits would be applicable from 28 days prior to expiry date of contract
Member: Maximum of 3,000 MT or 15 % of the market-wide near month open position, whichever is higher
Client: Maximum of 1,000 MT
Premium/Discount
Quality variations shall be accepted with discount as under:
Oil Content:
• From 45% to 47% accepted at discount of 2:1 or part thereof,
• Below 45% rejected
Foreign matter and damaged seeds:
• From 3% to 6% accepted at discount of 1:1 or part thereof,
• Above 6% rejected
Example for Oil content discount:
Oil content in Castor Seed below 47% but within 45 % will attract discount. For every 1% decrease in oil content or part thereof, there will be a discount of 2 % or part thereof in price.
Tolerance limit for outbound deliveries of Castor seed
Commodity Specifications
Deposit
Deliverable Range
Remat (Out bound Delivery)
Oil content
47% basis
From 45% to 47% accepted at discount of 2:1 or part thereof, Below 45% rejected
+/- 0.25%
Foreign matter and damaged seeds
3% basis
From 3% to 6% accepted at discount of 1:1 or part thereof,
Above 6% rejected
+/- 0.25%
Moisture content
4.5% max
Maximum Tolerance (for all characteristics)
+/- 0.50%
Contract Launch Calendar
Contract Launch Month
Contract Expiry Month
September 2008
January 2009
October 2008
February 2009
November 2008
March 2009
December 2008
April 2009
January 2009
May 2009
February 2009
June 2009
March 2009
July 2009
April 2009
August 2009
May 2009
September 2009
June 2009
October 2009
July 2009
November 2009
August 2009
December 2009
Futures Contract Specifications. (Applicable for contracts expiring in January 2010 and thereafter)
Type of Contract
Futures Contract Specifications
Name of Commodity
Castor seed
Ticker symbol
CASTORSEED
Trading System
NCDEX Trading System
Basis
Ex-warehouse Deesa, exclusive of sales tax/VAT
Unit of trading
10 MT
Delivery unit
10 MT
Quotation/base value
Rs. Per Quintal (100 kg)
Tick size
Re. 0.50 (50 Paise)
Quality specification
Castor Seed (Gujarat small seed) with the following specifications:
Oil content
47% basis
Foreign matter and damaged seeds
3% basis
Moisture content
4.5 % max
Acceptable quality variations at the time of taking physical delivery shall be applicable as per annexure to the contract specifications
Quantity variation
+/- 2 %
Delivery center
Deesa (upto the radius of 50 km from the municipal limits)
Additional delivery centres
Bhabhar, Kadi, Palanpur, Patan (upto the radius of 50 km from the municipal limits) with location wise premium/discount as announced by the Exchange from time to time
Trading hours
As per directions of the Forward Markets Commission from time to time, currently -
Mondays through Fridays: 10:00 a. m. to 5:00 p.m.
Saturdays: 10.00 a.m. to 2.00 p.m.
The Exchange may change the above timing with due notice
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 of the Exchange, which is not a Saturday
Delivery Specification
Upon expiry of the contract all outstanding positions will result in 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.
Delivery logic
Compulsory delivery
Closing of contract
Upon the expiry of contract all outstanding open positions would result in physical delivery
Opening of Contracts
Trading in any contract month will open on 10th day of the month. If the 10th day happens to be a non-trading day, contracts would open on next trading day
No. of active contracts
As per launch calendar
Price limit
Daily price fluctuation limit is (+/-) 3%. 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 would be raised by (+/-) 1% and trade will be resumed
If the price hits the revised price band (4%) 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%
Position limits
Member level: 15,000 MT or 15 % of Market Open Interest whichever is higher
Client level : 5,000 MT
The above limits will not apply to bona fide hedgers. For bonafide hedgers, the Exchange will, on a case to case basis decide the hedge limits
For near month contracts
The following limits would be applicable from 28 days prior to expiry date of contract
Member: Maximum of 3,000 MT or 15 % of the market-wide near month open position, whichever is higher
Client: Maximum of 1,000 MT
Premium/Discount
Quality variations shall be accepted with discount as under:
Oil Content:
• From 45% to 47% accepted at discount of 2:1 or part thereof,
• Below 45% rejected
Foreign matter and damaged seeds:
• From 3% to 6% accepted at discount of 1:1 or part thereof,
• Above 6% rejected
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
Example for Oil content discount:
Oil content in Castor Seed below 47% but within 45 % will attract discount. For every 1% decrease in oil content or part thereof, there will be a discount of 2 % or part thereof in price.
Tolerance limit for outbound deliveries of Castor seed
Commodity Specifications
Deposit
Deliverable Range
Remat (Out bound Delivery)
Oil content
47% basis
From 45% to 47% accepted at discount of 2:1 or part thereof, Below 45% rejected
+/- 0.25%
Foreign matter and damaged seeds
3% basis
From 3% to 6% accepted at discount of 1:1 or part thereof,
Above 6% rejected
