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Our Bureau

Ahmedabad, Sept. 18 National Multi-Commodity Exchange (NMCE) on Monday introduced futures contract in menthol crystal.

As per the approval of the regulator, Forward Markets Commission (FMC), NMCE has launched futures contracts in three series to begin with, which will expire on October 15, November 15 and December 15, respectively.

Transparent, colourless, dry needle-like pleasant-smelling menthol crystal is produced from mentha oil, with uses in confectionery and pharmaceutical formulations in the domestic and international markets.

Squaring up of positions will be permitted between 12th and 15th of the delivery month. No fresh position will be allowed during these days. The open position limit for clients is 200 tonnes and for members 600 tonnes.

In the case of near month contracts (i.e. the series expiring on October 15), it is 20 tonnes for clients and 60 MT for members. The Central Warehouse Corporation in Delhi will be the delivery centre. Sellers can tender Warehouse Receipt for settlement at the closing price of the previous day. The trading unit (lot) is one quintal, while the price is quoted in rupees per kg. The daily price limit will be three per cent above and below the last traded price, and 6 per cent above and below the last closing price, inviting in-built circuit breaker.

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NMCE launches futures trade in menthol crystal

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