NMCE launches new series for futures trade in base metals

Ahmedabad, Feb 27 (UNI) Futures trading in new series of aluminum, copper, lead, nickel, tin and zinc would begin on March one at the National Multi-Commodity Exchange (NMCE).

The new series will expire on May 31, a release issued here today said.

These non-ferrous metals are at present 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.

The delivery centre for each metal, as per specified quality, is at the bonded warehouse of Central Warehousing Corporation (CWC) near Mumbai.

Although these metals are usually traded in lots (units) of one or two metric tonnes, varying from commodity to commodity, prices are quoted in rupees per kg.

The major volume and turnover in the outgoing near series during February till the penultimate day were observed in aluminum 13,724 lots and Rs 345.84 crore, respectively. In case of copper, they were 10,898 lots and 277.81-crore, zinc 1,604 lots worth Rs 118.90-crore, tin 2,568 lots worth Rs 77.42 crore, besides nickel and lead.

The country's first multi-commodity exchange with national reach provides electronic platform for futures trading in about 70 commodities, including bullion, spices, plantation, oilseeds, edible oils, non-edible oils, sugar, gur, pulses and other food grains.

NMCE has been promoted by CWC, Punjab National Bank (PNB), NAFED, Gujarat Agro Industries Corporation (GAIC), Gujarat State Agriculture Produce Marketing Board (GSAMB), Jaipur-based National Institute of Agricultural Marketing and Neptune Overseas Limited.

UNI