Non-ferrous metals April futures present a mixed bag at NMCE
Ahmedabad, May 1 (UNI) The April-2007 futures contracts in six non-ferrous base metals that expired at the National Multi-Commodity Exchange (NMCE) on April 30 remained a mixed bag.
While the futures contract in copper, nickel and zinc settled at prices higher than the March series, that in aluminum, lead and tin dipped over the same period.
The April contract in copper as traded on NMCE terminals settled on April 30 at Rs 321.80 as against Rs 296 the previous month, nickel at Rs 2052.60 as against Rs 1976, and zinc at Rs 151.30 as against Rs 140.
Aluminium settled on April 30 at Rs 115 down from Rs 119 the previous month, lead at Rs 81.5 down from Rs 83, and tin settled at Rs 558.90 down from Rs 613 the previous month.
In all, six base metals are traded in lots (units) of one or two metric tonnes, varying from commodity to commodity, but the prices are quoted in rupees per kg.
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.
Raw jute futures in April series, that also expired on Monday at NMCE, was squared off at Rs 1,125.90. The delivery centre for each metal, as per specified quality, is at the bonded warehouse of Central Warehousing Corporation (CWC) near Mumbai and that for raw jute is CWC warehouse near Kolkata.
Meanwhile, NMCE today launched new series in these base metals, which will expire on July 31, 2007 and that in raw jute on September 29, 2007.
UNI