Ahmedabad, Bareilly, Indore, Itarsi, Kanpur, Karnal, Khanna, Kota, Moga, Rajkot, Shahjahanpur and Sirsa (Within 50 km radius from the municipal limits) with all centers at par
Hours of trading
As per directions of the Forward Markets Commission from time to time, currently-
Mondays through Fridays : 10:00 AM to 05:00 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, (other than a Saturday)
Opening of Contracts
Trading in far month contract will open on the 10th day of the month in which the 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
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.
Closing of contract
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 (+/-) 3%. If the trade hits the prescribed daily price limit there will be 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 position whichever is higher.
Client-wise : 6,000 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 would be applicable from one month prior to expiry date of a contract
Member-wise: 10,000 MT or 15% of market wide near month open position, whichever is higher
Client-wise : 2,000 MT
Special Margins
Special margin of 3% of the value of the contract will be levied whenever the rise or fall in price exceeds 20% of the 90-day prior settlement price. The margin will be payable by the buyer or the seller depending on whether price rises or falls respectively. The margin shall remain in force so long as the price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band.
Discount
Quality variance is acceptable in specifications for Infestation damaged, Total Defects, Moisture and Test Weight only with discounts as follows:
Infestation damaged Kernel :
Infestation damaged kernel above 1% to 3% - accepted with rebate on 1:0.25 basis
Infestation damaged more than 3% - Rejected
Total defects
Total defects above 6% to 8% - accepted with rebate on 1:1 basis
Total defects above 8% - rejected
Moisture
Moisture above 11% to 13% - accepted with rebate on 1:1 basis
Moisture above 13% - rejected
Test weight
Test weight below 76 kg/hl - acceptable up to 74 kg/hl-accepted with rebate of 150 grams per kg/hl or pro-rata variance in hectoliter weight deducted per quintal weight delivered
Test weight below 74kg/hl - rejected
Delivery Logic
Compulsory Delivery
Contract Launch Calendar
Date of Launch
Contract expiring in
May 21, 2009
June 2009
May 21, 2009
July 2009
May 21, 2009
August 2009
May 21, 2009
September 2009
May 21, 2009
October 2009
May 21, 2009
November 2009
June 2009
December 2009
Futures Contract Specifications for contracts expiring in January 2010 and onwards.
Updated as on 02 September 2009
Type of Contract
Futures Contract Specifications
Name of Commodity
Wheat
Ticker symbol
WHTSMQDELI
Trading System
NCDEX Trading System
Basis
Ex- Warehouse Delhi inclusive of all taxes
Unit of trading
10 MT
Delivery unit
10 MT
Quotation/base value
Rs/Quintal
Tick size
20 Paisa (Re. 0.20)
Quality specification
1.
Damaged Kernel (Other than infestation damaged)
2% max.
2.
Infestation damaged Kernel
1% basis
3.
Foreign Matter (Organic/Inorganic)
1% max (minerals not more than 0.25% and animal origins not more than 0.1%)
Ahmedabad, Bareilly, Indore, Itarsi, Kanpur, Karnal, Khanna, Kota, Moga, Rajkot, Shahjahanpur and Sirsa (Within 50 km radius from the municipal limits) with all centers at par
Hours of trading
As per directions of the Forward Markets Commission from time to time, currently-
Mondays through Fridays : 10:00 AM to 05:00 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, (other than a Saturday)
Opening of Contracts
Trading in far month contract will open on the 10th day of the month in which the 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
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.
Closing of contract
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 (+/-) 3%. If the trade hits the prescribed daily price limit there will be 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 position whichever is higher.
Client-wise : 6,000 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 would be applicable from one month prior to expiry date of a contract
Member-wise: 10,000 MT or 15% of market wide near month open position, whichever is higher
Client-wise : 2,000 MT
Special Margins
Special margin of 3% of the value of the contract will be levied whenever the rise or fall in price exceeds 20% of the 90-day prior settlement price. The margin will be payable by the buyer or the seller depending on whether price rises or falls respectively. The margin shall remain in force so long as the price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band.
Premium / Discount
Quality variance is acceptable in specifications for Infestation damaged kernel, Shrunken/Shriveled/Broken grains, Total Defects, Moisture and Test Weight only with discounts as follows:-
Infestation damaged Kernel :
Infestation damaged kernel above 1% to 3% - accepted with rebate on 1:0.25 basis
Infestation damaged more than 3% - Rejected
Shrunken/Shriveled/Broken Grains :
Shrunken/Shriveled/Broken Grains above 5% to 6% - accepted with rebate on 1:1 basis.
Shrunken/Shriveled/Broken Grains more than 6%- Rejected
Total defects
Total defects above 7% to 9% - accepted with rebate on 1:1 basis
Total defects above 9% - rejected
Moisture
Moisture above 11% to 13% - accepted with rebate on 1:1 basis
Moisture above 13% - rejected
Test weight
Test weight below 76 kg/hl - acceptable up to 74 kg/hl-accepted with rebate of 150 grams per kg/hl or pro-rata variance in hectoliter weight deducted per quintal weight delivered
Test weight below 74kg/hl - rejected
Delivery Logic
Compulsory Delivery
Tolerance Limit for outbound deliveries:
Quality Parameter
Basis
Acceptable quality range as per contract specification
Proposed permissible Tolerance
Damaged Kernel (Other than infestation damaged)
2% Max
+/-0.25%
Infestation damaged Kernel
1% basis
1% to 3% - accepted with rebate on 1:0.25 basis
+/-0.50%
Foreign Matter (Organic/Inorganic
1%max (minerals not more than 0.25% and animal origins not more than 0.1%)
Other edible grains
2% Max
+/-0.25%
Shrunken / Shriveled / Broken grains
5% basis
5% to 6% - accepted with rebate on 1:1 basis
+/-0.5%
Total defects :-
Damaged Kernel (Other than infestation damaged)
Infestation damaged Kernel
Shrunken/Shriveled/Broken grains
7% basis
7% to 9% -accepted with rebate of 1:1
+/- 1%
Moisture
11% basis
11 to 13% accepted with rebate of 1:1 basis
Test Weight
76kg/hl
76kg/hl-accepatable up to 74kg/hl- accepted with rebate of 150 grams per kg/hl or pro-rata variance in hectoliter weight deducted per quintal weight delivered
