NMCE launches new series in turmeric, soyoil, guar seed

Ahmedabad, Aug 9 (UNI) National Multi-Commodity Exchange (NMCE) has reduced the daily price fluctuation limit in all raw jute futures contract on its terminals with effect from today.

This is in pursuance of the Forward Markets Commission (FMC) direction.

The daily price fluctuation on either side, also called 'daily cap' or 'upper and lower circuits', is now revised to four per cent of the previous 'close price' / 'opening price', a NMCE release said here.

If trade hits this price limit on either side, it is stopped for 15 minutes and the limit is extended by another two per cent. But, no trade is permitted during the day beyond the revised maximum price limit of six per cent.

Earlier, the daily cap was six per cent and then another three per cent, subject to maximum limit of nine per cent in a day.

Meanwhile, NMCE is launching new series in Turmeric, Soyoil, Guar seed and Chana desi futures contracts, with effect from Friday (August 10).

The new contracts in Turmeric, Soyoil and Guar seed will expire on December 20, 2007, while delivery begins on December 17.

The new contracts for Chana desi will expire on February 20, 2008, while the delivery begins on February 18.

The delivery centre for Turmeric is Central Warehousing Corporation (CWC) warehouse at Erode in Tamil Nadu, while that for Soyoil is Indore in Madhya Pradesh.

The delivery centres for Guar seed are Jodhpur (basis centre), Bikaner, Nokha in Rajasthan and Deesa in Gujarat with freight discount through CWC Receipt. The delivery centre for Chana is CWC warehouse in Delhi.

At present, NMCE runs futures contracts in about 180 series in 60 commodities, including pepper, cardamom, rubber, bullion and non-ferrous base metals.

UNI