Financial Daily from THE HINDU group of publications
Tuesday, Mar 02, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 02, 2004 |
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Agri-Biz & Commodities
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Gold & Silver NMCE offers 1 kg gold unit for trade Our Bureau
Mumbai , March 1 THE National Multi-Commodity Exchange of India Ltd (NMCE) has started offering 1-kg unit for trade and delivery of gold with .995 fineness for futures trading from February 23, 2004, to meet the growing demand from bullion traders, jewellers and exporters. The quotation unit is 10 gm and the tick size is one rupee. There is a price band of 3 per cent above and below the last traded price and of 5 per cent above and below the last closing price. Trading in any contract month will open on the 16th day of the month at a minimum of two months prior to the contract month. The contract will expire on the 15th day of the delivery month or on the previous working day, if the 15th day is a holiday. Squaring up of positions will be permitted between 10th and 15th of delivery month. No fresh position building will be allowed. From 10th to 15th of the delivery month, the seller can tender Warehouse Receipt for settlement and Warehouse Receipt will be accepted for settlement at the closing price of the previous day. The delivery centres are Ahmedabad, New Delhi, Chennai, Kochi, Mumbai, Indore and Kolkata. The futures contract introduced by NMCE on October 3, 2003, for the 100-gm unit of trade and delivery of gold with .999 fineness will continue to be offered. NMCE, which is the only commodity exchange in the world to have received ISO 9001:2000 certification from the British Standard Institutions (BSI), has 214 traders participating in its network covering 48 locations, and plans are on the anvil to cover most of the cities in the country in a short span of time.
More Stories on : Gold & Silver | Commodity Exchanges
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