The Hindu Business Line : Metal futures in March series dip on NMCE

Ahmedabad April 2 Futures contract in the March 2007 series in aluminium, lead and zinc, which expired last weekend, settled at prices lower than that of the February series at the National Multi-Commodity Exchange (NMCE), while that in copper, nickel and tin appreciated marginally.

The six base 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 delivery month, the NMCE said on Monday.

The March series of aluminium traded on NMCE terminals settled at Rs 119, down from Rs 127 per kg the previous month, lead at Rs 83, down from Rs 86 per kg, and zinc settled at Rs 140, down from Rs 157. On the other hand, copper settled at Rs 296, up from Rs 271, nickel at Rs 1,976, up from Rs1,929, and tin settled at Rs 613, up from Rs 607.

PAN REQUIREMENT

As to the condition regarding compulsory declaration of PAN number by the clients, NMCE has extended the date by a month, in pursuance of a fresh direction from the Forward Markets Commission. Clients who do not have PAN number or those who have applied for the same can make a declaration in the requisite form.

Meanwhile, NMCE launched a new series in the base metals, which will expire on June 30. The 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 Corporationnear Mumbai.

At present, NMCE provides electronic platform for futures trading also in bullion, spices, plantation, raw jute, sugar, gur, pulses, oilseeds, edible and non-edible oils, among other commodities.

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