NMCE launches new future contracts in metals, menthol, jute

Ahmedabad, May 30 (UNI) The National Multi-Commodity Exchange (NMCE) has launched new series for futures contract in non-ferrous metals, menthol crystal and raw jute.

All the new contracts will be available for trading on NMCE e-platforms from June 2, a release said here.

The new contracts in the six non-ferrous metals -- aluminium ingot, nickel prime, copper, zinc, lead and tin will mature on August 30, 2008. The new contract in menthol crystal will expire on September 30 and that in raw jute on October 31, 2008.

At present, the non-ferrous metals are simultaneously traded in different monthly contracts on NMCE terminals, up to three months, each expiring on the last trading day of respective calendar month.

Menthol crystal contracts run up to four months and that in raw jute up to five months.

These metals are traded in lots (units) of one or two Metric Tonnes (MT) but prices are quoted in rupees per kg. In case of menthol crystal, it is traded in lots of one quintal, while the price is quoted in rupees per kg. Raw jute is traded in lots of 10 MT and quoted in rupees per quintal.

The delivery centres for different commodities, as per specified quality, are at specified warehouses of the Central Warehousing Corporation (CWC) in the country. For the six base metals, it is at the CWC warehouse in Mumbai, for menthol crystal CWC warehouse at Chandausi (Uttar Pradesh) and for raw jute CWC warehouse in Kolkata.

Besides these commodities, NMCE also provides electronic platform for futures trading in pepper, sacking, guar, castor, rape and mustard seed, copra, cardamom, turmeric, oil seeds and edible oils. They are backed by delivery-based settlement system and finances from banks.

UNI MP RN SM1256