The Hindu Business Line : Metal futures post quantum jump on NMCE

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Ahmedabad March 2 Futures trading in base metals — aluminium, copper, lead, nickel, tin and zinc — posted a quantum jump at the National Multi-Commodity Exchange (NMCE) as the February 2007 series expired on Wednesday.

These metals are traded in lots (units) of one or two tonnes, varying from commodity to commodity, but the prices are quoted in rupees per kg.

The prices are settled at the average of the last five trading days of the series, NMCE said in a release here.

The February series of aluminium traded on NMCE terminals settled at Rs 127 per kg, copper Rs 271, nickel Rs 1,929, tin Rs 607, zinc Rs 607 and lead Rs 86 per kg. As far as the intra-day volume and turnover are concerned, the March series in aluminium had hit a high of 1,612 lots valued at Rs 41 crore on February 24, copper 1,196 lots worth Rs 31.14 crore on February 20, nickel 480 lots worth Rs 23.70 crore on February 27, lead 400 lots worth Rs 24.52 crore on February 15, tin 684 lots worth Rs 21.27 crore and zinc 652 lots worth Rs 51.56 crore, both on February 28.

Meanwhile, NMCE launched a new series in these base metals today, which will expire on May 31. These non-ferrous metals are at present traded in different monthly contracts on NMCE terminals, up to three months in advance, each expiring on the last trading day of respective calendar month.

The delivery centre for each metal, as per specified quality, is at the bonded warehouse of Central Warehousing Corporation (CWC) near Mumbai.

More Stories on : Metals | Commodity Exchanges

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