NMCE launches new futures series in raw jute, base metals

Ahmedabad, Jul 31 (UNI) The National Multi-Commodity Exchange (NMCE) today launched new series for futures trading in raw jute (kacha shan), whereas that in aluminum ingots, copper, lead, nickel prime, tin and zinc is being launched tomorrow.

The new series in the raw jute will expire on December 29, 2007 and that in the six non-ferrous base metals on October 31, 2007.

Raw jute is simultaneously traded on NMCE terminals in different series up to five months in advance, while that in the base metals up to three months in advance. The delivery centre for raw jute is the bonded warehouse of Central Warehousing Corporation (CWC) in Kolkata, while that for the metals is CWC warehouse in Mumbai.

Raw jute is traded in lots (units) of 10 MT and quoted in Rs per quintal. In case of the metals, they are traded in lots of one or two Metric Tonnes (MT), varying from metals to metals, prices being quoted in Rs per kg.

Meanwhile, NMCE has announced total minimum margin of 15 per cent on all the ongoing contracts as well as yet-to-be-launched contracts in guar seed, guar gum and chana, with effect from tomorrow as per the byelaws, rules and regulations of the exchange, in pursuance of the Forward Markets Commission (FMC) directives.

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 180 series in 60 commodities, including bullion, jute sacking, pepper, cardamom, rubber, oilseeds, edible oils, non-edible oils, sugar, gur, pulses and other commodities.

UNI