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Asset Code
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NICKEL
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Product Code
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NICKELF
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Series Code
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NIKMMMYYYY
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Trading System
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NMCE’s Derivatives Trading and Settlement System
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Trading Hours
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Monday to Friday:10:00 AM to 10:00 PM
Further extensions in timings upto 11:30 pm will be notified through circulars
Saturday:10:00 am to 2:00 pm
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Unit of Trading
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250 Kg
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Delivery Unit
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3 MT with Tolerance limit of +/- 1%
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Quotation/Base Value
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Rs./kg *
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Tick Size
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10 paise
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Price Band**
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Base daily price limit = 4%
Ist slab of daily price limit = 2%
II nd slab of daily price limit = 3%
Maximum daily price limit = 9%
When the base daily price limit is breached, the relaxation will be allowed upto
the first slab without any break / cooling off period in the trade. In case the
daily price limit of the I st slab is also breached, then after a cooling off period
of 15 minutes, the daily price limit will be relaxed as per the limit stated in
the II nd slab.
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Quality Specification
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4”*4” LME approved pure cut Nickel of 99.80% purity (minimum). Seller will have
to deliver cut Nickel of this specification.
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No. of delivery Contracts in a year
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12 months contracts in a year
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Delivery Centers
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CWC bonded Warehouses located in Mumbai (Basis Center) (Within 20 Kilometers outside
Mumbai octroi limit.)
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Delivery Logic
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Both option
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Buyer’s and Seller’s Intention
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Three working days prior to the contract expiry day by 6.00 p.m.i.e. 27th of the
expiry month for 30th expiry contract & 28th of the expiry month for 31st expiry
contract. Seller will submit copies of relevant documents as evidence that he is
holding stock at the time of giving his intention.
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Tender day
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1st working day after expiry of contract by 6.00 p.m.
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Matching of Buyer’s and Seller’s Intention
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On the basis of intention received from the buyers and sellers, the Exchange will
match the total quantity offered by the buyers and sellers and with respect to the
matched quantity, the allocation of delivery between the buyers and sellers will
be done. The unmatched quantity of open position will be closed out as per DDR and
actual delivery will be effected only to the extent of matched quantity.
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Dissemination of the information on delivery intention on TWS
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On the contract expiry day by 7.00 p.m.
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Delivery allocation -Date
-Rate
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- On expiry date of the Contract
- At Due date rate (DDR)
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Delivery period margin
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15% margin will be imposed during tender and delivery period on both buyers and
sellers on matched quantity and shall be recovered on 1st working day after expiry
of the contract.
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Penal provision
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After getting (matching) intentions from the buyer and seller to take or give delivery,
if any of the party fails to honour his obligations, a penalty of 2.5% of the DDR
will be imposed on him.
Additionally, a replacement cost of 4% of DDR will be recovered from the defaulting
buyer / seller. Apportioning of the penalty: 2% (i.e. 80% of penalty amount) will
be credited to IPF 0.5% (i.e. 20% of penalty amount) will be credited to the counter
party While out of the replacement cost recovered 90% will be passed on to the counter
party and 10% will be retained by the Exchange towards administrative expenses.
The above is subject to change as per directions of FMC
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Due Date
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Last day of the contract months if it happens to be holiday then previous working
day.
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Due date Rate
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DDR is calculated by taking the average of Nickel prices of International Exchange
in USD on the last three days of contract maturity and multiplying the average by
the Rupee conversion Rate from USD as declared by RBI on expiry of the contract.(Trading
will be allowed only upto 6:35 p.m. on the date of expiry of the contract)
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Odd lot treatment
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Delivery will be effected only on delivery lot basis. In case there is any mismatch
in the position of seller and buyer then delivery will not be matched and accordingly
the position will be closed out at the DDR.
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Applicability of Business Rules
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The general provisions of Business Rules of the Exchange and decisions taken by
Forward Markets Commission, Board of Directors and Executive Committee of the Exchange
in respect of matters specified above will apply mutatis mutandis. The Exchange
may further prescribe additional measures relating to delivery procedures, warehousing,
Quality Certification, Margining, risk management from time to time. In case of
any interpretational dispute or clarifications the decision of the Exchange shall
be final and binding on the members and others.
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Limit on open position
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Client – 200 MT
For a member collectively for all clients: Not more than 25% of the market-wide
open position in a contract at any point of time.
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* (exclusive of all taxes and levies relating to import duty, customs, sales tax/
VAT as the case may be, special additional duty, expenses and octroi). At the time
of delivery, the buyer has to pay these taxes and levies in additional to delivery
order rate.
** In case of price movement in International markets which is more than the maximum
daily price limit (currently 9%), the same may be further relaxed in steps of 3%
with the approval of FMC.
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