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Dhimant Bhatt

The quotation unit is 20 kg and the tick size is ten paise. The unit of trading and delivery is two tonnes.

Mumbai , March 17

THE National Multi-Commodity Exchange of India Ltd (NMCE) has launched rapeseed-42 (seeds with 42 per cent oil content) futures contracts.

"We received formal approval from the Forward Market Commission (FMC) last week for trading in rapeseed-42 futures contracts," Mr Kailash Gupta, Managing Director of NMCE, told Business Line.

Trading commenced last Saturday. On Tuesday, the contracts opened and closed at Rs 379 per 20 kg with trading volume of 11 units worth Rs 4,16,900.

"The futures contracts will remain open concurrently for three months (May, June and July)," he said.

The quotation unit is 20 kg and the tick size is ten paise. The unit of trading and delivery is two tonnes. The delivery centre is Jaipur. There is a price band of five per cent above and below the last traded price and 10 per cent above and below the last closing price.

Open positions can be settled during the delivery month by way of tendering warehouse receipt of the underlying commodity issued by Central Warehousing Corporation.

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. No fresh positions on building will be allowed.

From 10th to 15th of the delivery month, the seller can tender warehouse receipt for settlement and it will be accepted for settlement at the closing price of the previous day.

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