| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Gur |
| Ticker symbol |
GURCHMUZR |
| Trading System |
NCDEX Trading System |
| Basis |
Ex-cold storage warehouse Muzaffarnagar inclusive of all local taxes |
| Unit of trading |
10 MT |
| Delivery unit |
10 MT net basis packed in new jute bags. Packaging costs shall be borne by the buyer |
| Quotation/base value |
Rs per 40 Kgs |
| Tick size |
20 paise |
| Quality specification |
100% dry golden brown Gur of Chaku type of the following specifications:
| Sucrose (on dry basis) percent by mass |
75-80 % min |
| Reducing sugars (on dry basis) percent by mass |
10-15% max |
| Moisture |
11 % max |
| Sulphur dioxide (on dry basis) percent by mass |
70 ppm max |
| Water insoluble matter (on dry basis) percent by mass |
1.5 % max |
| Sulphated ash (on dry basis) percent by mass |
3.5% max |
| Ash insoluble in dilute hydrochloric acid (on dry basis) percent by mass |
0.3% max |
|
| Also deliverable |
100% dry Gur of Balti type, meeting above specifications shall be deliverable at Hapur
100% dry Gur of Choursa type, meeting above specifications shall be deliverable at Meerut |
| Quantity variation |
+/- 5 % |
| Delivery center |
Muzaffarnagar |
| Additional delivery centres |
Hapur, Meerut with location premium/discount as may be announced by the Exchange from time to time |
| Types of Gur Deliverable |
From October to May:
Muzaffarnagar – Chaku Gur on ready arrival basis
Hapur – Balti
Meerut – Choursa
From June to September:
Muzaffarnagar – Chaku Gur deliverable on cold storage basis |
| 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 |
| 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, not being a Saturday. |
| Delivery specification |
The seller would be required to give their intentions to give delivery at least 5 days before the maturity of the contract. If the buyer with outstanding positions at maturity or a seller who has given an option to delivery fails to meet their respective obligation, the penalty structure will be as per circular no. NCDEX/TRADING-091/2007/235 dated October 4, 2007. |
| Closing of contract |
On the 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 |
| Opening of contracts |
Trading in new month contract will open on the 10th day of the month in which near month contract is due to expire. If the 10th day happens to be a non-trading day, contracts would open on the next trading day |
| No. of active contracts |
As per Annexure A |
| Price band |
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 another (+/-) 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–wise: 30,000 MT for all contracts or 15% of market wide Open Interest which ever is higher.
Client–wise: 10,000 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 will apply one month prior to expiry of the contract
Member-wise: 6,000 MT or 15% of market-wide open interest whichever is higher
Client-wise: 2,000 MT
|
| Special margins |
In case of additional volatility, a special margin of at such other percentage, as deemed fit, will be imposed immediately on both buy and sell side in respect of all outstanding positions, which will remain in force for next 2 days, after which the special margin will be relaxed |
| Premium/Discount |
Premium/Discount for type of Gur:
100% dry Gur of Balti type of the same specifications shall be deliverable at Hapur at premium/discount over/below the traded price for which the premium/discount shall be announced by the Exchange at the time of launch of the contract.
100% dry Gur of Choursa type of the same specifications shall be deliverable at Meerut at premium/discount over/below the traded price for which the premium/discount shall be announced by the Exchange at the time of launch of the contract.
Premium/Discount for quality of Gur:
The premium/discount for quality of Gur shall apply over and above the premium/discount for type of Gur
Sucrose (on dry basis) percent by mass
Gur with sucrose (on dry basis) percent by mass of > = 80% max shall be acceptable at a premium of Rs 2 per 40 kgs
Gur with sucrose (on dry basis) percent by mass of 70-75% max shall be acceptable at a discount of Rs 2 per 40 kgs
Gur with sucrose (on dry basis) percent by mass of less than 70% shall be rejected
Reducing sugars (on dry basis) percent by mass
Gur with reducing sugars (on dry basis) percent by mass of 15-20% max shall be acceptable at a discount of Rs 2 per 40 kgs
Gur with reducing sugars (on dry basis) percent by mass of more than 20% shall be rejected
Sulphur dioxide (on dry basis) percent by mass
Gur with sulphur dioxide (on dry basis) percent by mass of 60-70 ppm shall be acceptable at par
Gur with sulphur dioxide (on dry basis) percent by mass of 50-60 ppm shall be acceptable at a premium of Rs 5 per 40 kgs
Gur with sulphur dioxide (on dry basis) percent by mass of less than 50 ppm shall be acceptable at a premium of Rs 7 per 40 kgs
Gur with sulphur dioxide (on dry basis) percent by mass of more than 70 ppm shall be rejected
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