Ahmedabad, Sep 17 (UNI) The National Multi-Commodity Exchange (NMCE) has become the first commodity exchange in the country to introduce futures contract in Menthol Crystal.
As per the approval of the regulator, Forward Markets Commission (FMC), NMCE today launched futures contracts in three series to begin with, which will expire on October 15, November 15 and December 15, 2007, respectively.
Transparent, colourless, dry needle-like pleasant-smelling Menthol Crystal is produced from Mentha Oil, which is widely used in confectionery and pharmaceutical formulations in the domestic and international markets.
Squaring up of positions will be permitted between 12th and 15th of the delivery month. No fresh position is allowed during these days.
The open position limit for clients is 200 Metric Tonne (MT) and for members 600 MT. In case of near month contracts (that is the series expiring on October 15), it is 20 MT for clients and 60 MT for members.
The Central Warehouse Corporation (CWC) warehouse in Delhi will be the delivery centre. Sellers can tender Warehouse Receipt (WR) for settlement at the closing price of the previous day.
The trading unit (lot) is one quintal, while the price is quoted in rupees per kg.