NMCE launching new futures series in base metals, raw jute

Ahmedabad, Sept 28 (UNI) The National Multi-Commodity Exchange (NMCE) is launching new series for futures contract in aluminum, copper, lead, nickel, tin, zinc and raw jute, with effect from October 1.

The new series in the six non-ferrous base metals will expire on December 31, 2007 and that in raw jute on February 29, 2008, a NMCE statement said here today.

The non-ferrous metals are at present simultaneously traded in different monthly contracts on NMCE terminals, up to three months in advance, each expiring on the last trading day of the respective calendar month. Raw jute contracts run up to five months.

The delivery centre for the metals, as per specified quality, is at the Central Warehousing Corporation (CWC) warehouse in Mumbai, and that for raw jute is CWC warehouse in Kolkata.

These metals are usually traded in lots (units) of one or two Metric Tonnes (MT) but 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.

Besides base metals and raw jute, NMCE at present provides electronic platform for futures trading in bullion, spices, plantation, oilseeds, edible oils, non-edible oils, sugar, gur and pulses, among other commodities, the statement added.

UNI