Aluminium, lead, zinc futures in March series dip at NMCE

Ahmedabad, Apr 2 (UNI) Futures contract in March-2007 series in aluminium lead and zinc, which expired last weekend, today settled at prices lower than the February series at National Multi-Commodity Exchange (NMCE), while that in copper, nickel and tin appreciated marginally.

According to an NMCE release, these six base metals are traded in lots (units) on one or two metric tonnes, varying from commodity to commodity, but the prices are quoted in Rs per kg. The prices are settled fat the average of the last five trading days of the delivery month.

The March series of aluminium traded on NMCE terminals settled at Rs 119 down from Rs 127 per kg the previous month, lead at Rs 83, down from Rs 86 per kg and zinc settled at Rs 140, down from Rs 157.

On the other hand, copper settled at Rs 296, up from Rs 271, nickel at Rs 1,976 up from Rs 1,929 and tin settled at Rs 613, up from Rs 607.

Meanwhile, NMCE launched new series in these base metals today, which will expire on June 30, 2007. 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.

At present, NMCE provides electronic platform for futures trading also in bullion, spices, plantation, raw jute, sugar, gur, pulses, oilseeds, edible and non-edible oils, among other commodities.

As to the condition regarding compulsory declaration of PAN Number by the clients, NMCE has extended the date by a month, in pursuance of a fresh direction from the Forward Markets Commission (FMC). Clients who do not have a PAN Number or those who have applied for the same can make a declaration in the requisite form.

Those failing to do so would not be entitled to trade on the exchange with effect from May 1, 2007.

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

UNI