NMCE launches new series in metals, menthol, jute

Ahmedabad, Jul 31 (UNI) The National Multi-Commodity Exchange (NMCE) has launched a 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 August 1.

The new contracts in the six non-ferrous metals -- aluminium ingot, nickel prime, copper, zinc, lead and tin, will mature on October 31, menthol crystal on November 29, 2008 and raw jute on December 31, 2008, a release said here today.

The metals are traded in lots of different sizes, 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, and raw jute is traded in lots of 10 MT and prices quoted in rupees per quintal.

At present, the non-ferrous metals are concurrently 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.

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, that for menthol crystal is CWC warehouse at Chandausi (Uttar Pradesh) and for raw jute it is CWC warehouse in Kolkata.

Besides these commodities, NMCE provides electronic platform for futures trading in pepper, sacking, guar seed, castor seed, rape/mustard seed, copra, coconut oil, isabgol seeds (psyllium), and other commodities. They are backed by delivery-based settlement system and finances from banks.

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