NMCE introduces premium grade coconut oil, modifies contract norms

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Ahmedabad, Jun 09 (UNI) The National Multi-Commodity Exchange (NMCE) has introduced 'premium grade' coconut oil', in addition to the existing 'edible grade' coconut oil with certain modifications in contract specifications.

The exchange is simultaneously launching three new futures contracts in coconut oil from June 16. Each contract will be concurrently traded on NMCE e-platform. They will expire on August 14, September 15 and October 15 2008 respectively, a NMCE release said here today.

As per the modifications, the oleic acid content as Free Fatty Acid (FFA) in the 'premium grade' coconut oil should not exceed 1.0 per cent. And, in case, it exceeds 1.0 per cent, the buyer shall have the option to reject.

In case of the existing 'basis edible grade' coconut oil, the oleic acid content as FFA should not exceed 1.5 per cent limit.

The permissible iodine value in the 'premium grade' coconut oil is 7.50 to 9.00 units, whereas that for the existing basis 'edible grade' is 7.50 to 10.0 units.

For easier transactions, the ticker size for trading is being changed to one rupee from 10-paise earlier. However, it will be continued to be traded in lots of one metric tonne and the price quoted in rupees per quintal, as earlier.

The premium grade coconut oil is tenderable at a premium of Rs.2.50 per kg. Other parameters of the 'premium grade' coconut oil remain the same as the 'basis edible grade'.

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