NMCE launches new futures series in base metals, raw jute

Ahmedabad, Oct 30 (UNI) The National Multi-Commodity Exchange (NMCE) is launching new series for futures contract in aluminium, copper, lead, nickel, tin, zinc and raw jute, with effect from November One.

The new series in the six non-ferrous base metals will expire on January 31, 2008, and that in raw jute on March 29, 2008, a NMCE release said here today.

The non-ferrous metals are at present simultaneously traded in different monthly contracts on NMCE terminals, up to three months in advance, each expiring on the last trading day of respective calendar month. Raw jute contracts run up to five months.

The delivery centre for the metals, as per specified quality, is at the Central Warehousing Corporation (CWC) warehouse in Mumbai, and that for raw jute is CWC warehouse in Kolkata.

These metals are usually traded in lots (units) of one or two Metric Tonnes (MT) but prices are quoted in Rs per kg. In case of raw jute, the commodity is traded in lots of 10 MT and quoted in Rs per quintal.

Besides base metals and raw jute, NMCE at present provides electronic platform for futures trading in spices, plantation, oilseeds, edible oils, non-edible oils, sugar, gur and pulses, among other commodities, the release added.

UNI