NMCE launches new futures series in base metals, jute

Ahmedabad, Jul 2 (UNI) The National Multi-Commodity Exchange (NMCE) today launched new series in aluminum ingots, copper, lead, nickel premium, tin, zinc and raw jute.

The new series in the six base metals launched today will mature on September 29 and that in raw jute on November 30, this year.

Meanwhile, the June-2007 futures contracts in these commodities, which expired Saturday (June 30), settled at the following prices: aluminium at Rs 109.10, copper Rs 305.50, lead Rs 108.40, nickel Rs 1,535.40, tin Rs 577.00, zinc Rs 138.50 and raw jute at Rs 1,109.80.

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, and that for raw jute is CWC Kolkata.

Although these metals are usually traded in lots (units) of one or two Metric Tonnes (MT), varying from metals to metals, 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.

NMCE at present provides screen-based electronic platform for real-time price discovery mechanism, backed by robust and reliable CWC delivery system for trading in about 190 series for 59 commodities, including bullion, jute sacking, spices, rubber, oilseeds, edible oils, non-edible oils, sugar, gur, pulses and other commodities.

UNI