Futures Contract Specifications. Updated as on 22 September 2008.
(Contract specification for Sugar-M Grade from contracts expiring in January 2009 and thereafter)
Type of Contract
Futures Contract Specifications
Name of Commodity
Sugar (M Grade)
Ticker symbol
SUGARM200
Trading System
NCDEX Trading System
Basis
Ex-Warehouse Kolhapur inclusive of all taxes
Unit of trading
10 MT
Delivery unit
10 MT net basis packed in 50 kgs new A Twill Bags/PP bags Also deliverable in 100 kgs new A Twill/jute bags
Quotation/base value
Rs/Quintal
Tick size
Re 1
Quality specification
Sugar in crystal form manufactured by vacuum pan method with:
Moisture
0.08% Max
Polarisation
99.80% Min
ICUMSA
> or = 150 ICUMSA and < 200 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Grade
M
Grain Size
Medium as determined by the methods prescribed in IS:498-2003
Crop Year Reference
Till December expiry contract: Production of the last crushing season is allowed in addition to current crop
From January expiry contract: Production of only current crushing season is allowed.
Quantity variation
+/- 5 %
Delivery center
Kolhapur (up to 50 km from city limits)
Additional delivery centres
Ahmedabad, Belgaum, Chennai, Delhi, Erode, Indore, Jaipur, Kanpur, Muzaffarnagar, Kolkata, Pune, Vijaywada, Vizag Sitapur and Gorakhpur (Upto 50 Kms of City limits)
No location premium and discount shall be applicable.
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
Delivery specification
Compulsory delivery: Upon expiry of the contracts, all open positions will be settled by taking or giving delivery as the case may be The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Also Deliverable
Sugar S of the following specifications:
Moisture
0.08% Max
Polarisation
99.80% Min
ICUMSA
> or = 100 ICUMSA and < 150 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Grade
S
Grain Size
Small as determined by the methods prescribed in IS:498-2003
Crop Year Reference
Till December expiry contract: Production of the last crushing season is allowed in addition to current crop
From January expiry contract: Production of only current crushing season is allowed.
The premium/ discounts would be announced before the launch of the contracts.
Closing of contract
Upon expiry of the contract all the outstanding open position would result in compulsory delivery.
Opening of contracts
Trading in new 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
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: 60,000 MT or 15% of market – wide open interest whichever is higher
Client-wise: 20,000 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.
Near Month Limits
The following limits would be applicable for one month prior to the expiry of a contract
Member-wise: 20,000 MT or 15% of market – wide open interest whichever is higher
Client-wise: 7,500 MT
Special Margins
Special margin of 10% of the value of the contract, whenever the rise and fall in price exceeds 20% from the first day's closing price, depending upon whether price rise or fall respectively. The margin shall stay in force so long as price stays beyond 20% limit and will be withdrawn as soon as the price is within 20% band.
Premium/Discount
S grade sugar with ICUMSA less than 100 could be accepted as good delivery but with no premium. Sugar S with ICUMSA more than 150 shall be rejected.
M grade sugar with ICUMSA 100 - 150 could be accepted as good delivery but with no premium. Sugar M with ICUMSA more than 200 shall be rejected.
Annexure: Tolerance Limit - Sugar-M grade
Commodity Specifications
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
0.08% Max
-
-
Polarisation
99.80% Min
-
-
ICUMSA
> or = 150 ICUMSA and < 200 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Sugar with ICUMSA between 100 and 150 also accepted as good delivery
+/- 25 ICUMSA
Grade
M
-
-
Grain Size
Medium as determined by the methods prescribed in IS:498-2003
-
-
Annexure: Tolerance Limit - Sugar-S Grade
Commodity Specifications
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
0.08% Max
-
-
Polarisation
99.80% Min
-
-
ICUMSA
> or = 100 ICUMSA and < 150 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Sugar with ICUMSA between 100 and 150 also accepted as good delivery
+/- 25 ICUMSA
Grade
S
-
-
Grain Size
Small as determined by the methods prescribed in IS:498-2003
-
-
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.
Launch Calenders
Contract Launch Month
Contract Expiry Month
August 2008*
January 2009, February 2009, March 2009, April 2009, May 2009, June 2009, July 2009
September 2008*
August 2009
October 2008*
September 2009
November 2008*
October 2009
December 2008*
November 2009
January 2009*
December 2009
* The contracts will be launched on 10th of the launch month (next working day in case of a holiday)
Futures Contract Specifications. Updated as on 15 May 2009
( Contract specifications applicable to contracts expiring in June 2009 onwards )
Type of Contract
Futures Contract Specifications
Name of Commodity
Sugar (M Grade)
Ticker symbol
SUGARM200
Trading System
NCDEX Trading System
Basis
Ex-Warehouse Kolhapur inclusive of all taxes
Unit of trading
10 MT
Delivery unit
10 MT net basis packed in 50 kgs new A Twill Bags/PP bags Also deliverable in 100 kgs new A Twill jute bags
Quotation/base value
Rs/Quintal
Tick size
Re 1
Quality specification
Sugar in crystal form manufactured by vacuum pan method with:
Moisture
0.08% Max
Polarisation
99.80% Min
ICUMSA
> or = 150 ICUMSA and < 200 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Grade
M
Grain Size
Medium as determined by the methods prescribed in IS:498-2003
Crop Year Reference
Till December expiry contract: Production of the last crushing season is allowed in addition to current crop
From January expiry contract: Production of only current crushing season is allowed.
Quantity variation
+/- 5 %
Delivery center
Kolhapur (up to 50 km from city limits)
Additional delivery centres
Ahmedabad, Belgaum, Chennai, Delhi, Erode, Indore, Jaipur, Kanpur, Kolkata, Muzaffarnagar, Pune, Vijaywada, Vizag, Sitapur and Gorakhpur (Upto 50 Kms of City limits)
No location premium and discount shall be applicable.
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 non –trading day, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange
Delivery specification
Compulsory delivery: Upon expiry of the contracts, all open positions will be settled by taking or giving delivery as the case may be.
The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Also Deliverable
Sugar S of the following specifications:
Moisture
0.08% Max
Polarisation
99.80% Min
ICUMSA
> or = 100 ICUMSA and < 150 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Grade
S
Grain Size
Small as determined by the methods prescribed in IS:498-2003
Crop Year Reference
Till December expiry contract: Production of the last crushing season is allowed in addition to current crop
From January expiry contract: Production of only current crushing season is allowed.
The premium/ discounts would be announced before the launch of the contracts.
Closing of contract
Upon expiry of the contract all the outstanding open position would result in compulsory delivery.
Opening of contracts
Trading in new 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 Launch Calendar
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: 60,000 MT or 15% of market – wide open interest whichever is higher
Client-wise: 20,000 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.
Near Month Limits
The following limits would be applicable for one month prior to the expiry of a contract
Member-wise: 20,000 MT or 15% of the market-wide near month open position, whichever is higher
Client-wise: 6,000 MT
Special Margins
Special margin of 10% of the value of the contract, whenever the rise and fall in price exceeds 20% from the first day's closing price, is payable by buyer or seller, depending upon whether price rise or fall as the case may be. The margin shall stay in force so long as price stays beyond 20% limit and will be withdrawn as soon as the price is within 20% band.
Premium/Discount
S grade sugar with ICUMSA less than 100 could be accepted as good delivery but with no premium. Sugar S with ICUMSA more than 150 shall be rejected.
M grade sugar with ICUMSA 100 - 150 could be accepted as good delivery but with no premium. Sugar M with ICUMSA more than 200 shall be rejected.
Tolerance Limit - Sugar-M grade
Commodity Specifications
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
0.08% Max
-
-
Polarisation
99.80% Min
-
-
ICUMSA
> or = 150 ICUMSA and < 200 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Sugar with ICUMSA between 100 and 150 also accepted as good delivery
+/- 25 ICUMSA
Grade
M
-
-
Grain Size
Medium as determined by the methods prescribed in IS:498-2003
-
-
Tolerance Limit - Sugar-S Grade
Commodity Specifications
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
0.08% Max
-
-
Polarisation
99.80% Min
-
-
ICUMSA
> or = 100 ICUMSA and < 150 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Sugar with ICUMSA less than 100 is accepted as good delivery
+/- 25 ICUMSA
Grade
S
-
-
Grain Size
Small as determined by the methods prescribed in IS:498-2003
-
-
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 launch calendar for Sugar M
Contract Launch Month
Contract Expiry Month
May 14, 2009
October 2009, November 2009
June 2009
December 2009
July 2009
January 2010
August 2009
February 2010
September 2009
March 2010
October 2009
April 2010
November 2009
May 2010
December 2009
June 2010
Futures Contract Specifications. Updated as on 11 February 2009.
(Sugar-S Grade Contract Specifications applicable for contracts expiring for January 2009 and onwards)
Type of Contract
Futures Contract Specifications
Name of Commodity
Sugar (S Grade)
Ticker symbol
SUGARS150
Trading System
NCDEX Trading System
Basis
Ex-Warehouse Kolhapur inclusive of all taxes
Unit of trading
10 MT
Delivery unit
10 MT net basis packed in 50 kgs new A Twill Bags/PP bags
Also deliverable in 100 kgs new A Twill/jute bags
Quotation/base value
Rs/Quintal
Tick size
Re 1
Quality specification
Sugar in crystal form manufactured by vacuum pan method with:
Moisture
0.08% Max
Polarisation
99.80% Min
ICUMSA
> or = 100 ICUMSA and < 150 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Grade
S
Grain Size
Small as determined by the methods prescribed in IS:498-2003
Crop Year Reference
Till December expiry contract: Production of the last crushing season is allowed in addition to current crop
From January expiry contract: Production of only current crushing season is allowed.
Quantity variation
+/- 5 %
Delivery center
Kolhapur (up to 50 km from city limits)
Additional delivery centres
Ahmedabad, Belgaum, Chennai, Delhi, Erode, Indore, Jaipur, Kanpur, Muzaffarnagar, Kolkata, Pune, Vijaywada, Vizag, Sitapur and Gorakhpur (Upto 50 Kms of City limits)
No location premium and discount shall be applicable.
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
Delivery specification
Compulsory delivery: Upon expiry of the contracts, all open positions will be settled by taking or giving delivery as the case may be The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Closing of contract
Upon expiry of the contract all the outstanding open position would result in compulsory delivery.
Opening of contracts
Trading in new contract will open on the 10th day of the month in which near month contract is due to expire. If the 10thday happens to be a non-trading day, contracts would open on the next trading day
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 or 15% of market – wide open interest whichever 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.
Near Month Limits
The following limits would be applicable for one month prior to the expiry of a contract
Member-wise: 7,500 MT or 15% of market – wide open interest whichever is higher
Client-wise: 2,500 MT
Special margins
Special margin of 10% of the value of the contract, whenever the rise and fall in price exceeds 20% from the first day's closing price, depending upon whether price rise or fall respectively. The margin shall stay in force so long as price stays beyond 20% limit and will be withdrawn as soon as the price is within 20% band.
Premium/Discount
S grade sugar with ICUMSA less than 100 could be accepted as good delivery but with no premium. Sugar with ICUMSA more than 150 shall be rejected.
Annexure : Tolerance Limit - Sugar-S Grade
Contract Launch Month
Basis
Acceptable quality range as per contract specification
Permissible Tolerance
Moisture
0.08% Max
-
-
Polarisation
99.80% Min
-
ICUMSA
> or = 100 ICUMSA and < 150 ICUMSA as determined by GS9/1/2/3-8 prescribed in Sugar Analysis ICUMSA Method Book
Sugar with ICUMSA less than 100 is acceptable as good delivery
+/- 25 ICUMSA
Grade
S
-
-
Grain Size
Small as determined by the methods prescribed in IS:498-2003
-
-
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.
Launch Calenders
Contract Launch Month
Contract Expiry Month
May 15, 2009
October 2009, November 2009
June 2009
December 2009
July 2009
January 2010
August 2009
February 2010
September 2009
March 2010
October 2009
April 2010
November 2009
May 2010
December 2009
June 2010
* The contracts will be launched on 10th of the launch month (next working day in case of a holiday)
