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SMS "NMCE Silver" to 53030 For Live Futures Prices
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| Asset Code |
SILVER |
| Product Code |
SILVERF |
| Series Code |
SILMMMYYYY |
| Trading System |
NMCE’s Derivatives Trading and Settlement System |
| Trading Hours |
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 |
30 Kgs |
| Delivery Unit |
30 Kgs |
| Quotation/Base Value |
1 kg (Ex-Ahmedabad, inclusive of all taxes and levies relating to import duty, customs , if applicable but excluding Sales Tax / VAT, any other additional tax or surcharge on sales tax, local taxes and octroi) |
| Tick Size |
Re.1 |
| Price Band |
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. |
| Quality Specification |
- No negative tolerance on the minimum fineness shall be permitted.
- If it is below 999 purity it is rejected.
It should be serially numbered silver bars supplied by LBMA approved
suppliers or other suppliers as may be approved by NMCE.
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| No. of delivery Contracts in a year |
5 contracts in a year |
| Delivery Centers |
Ahmedabad |
| Opening of Contracts |
Trading in any contract month will open on the 16th day of the month, 12 months prior to the contract month |
| Due Date |
5th day of the delivery months if 5th happens to be holiday then previous working day. |
| Closing of Contract |
1st to 6th day of the contract expiry month |
| Delivery Logic |
Compulsory Delivery |
| Limit on open position |
For individual client: 50 MT collectively for all contracts
For a member collectively for all clients: 150 MT or 15% of the market-wide open position, whichever is higher. |
| Delivery period margin |
15% |
| Buyer’s intention |
On 1st, 2nd, 3rd & 4th of the contract expiry month by 6.00 p.m. |
| Buyer’s intention |
On 1st, 2nd, 3rd & 4th of the contract expiry month by 6.00 p.m. |
| Tender Notice by Seller |
The seller will issue tender notice along with evidence of delivery to the Exchange in a specified format. The seller is also required to submit the certificate issued by the supplier in original by 6:00 p.m. and on Saturdays by 12:00 noon. |
| Dissemination of information on tendered delivery and buyers interest. |
The Exchange will inform members through TWS regarding tender notice and delivery intentions of the seller’s members and the buyers respectively by 7.00 p.m. on the respective tender days. On Saturdays by 1:00 p.m. |
| Penal Provisions |
A penalty of 2.5% will be imposed on defaulting buyer / seller out of which 2% will be credited to IPF and 0.5% will be credited to the counter party.
Additionally, 4% as a replacement cost will be charged from defaulting buyer / seller out of which 90% will be given to the counter party and 10% will be retained by the Exchange as administrative charges.
The above is subject to change as per directions of FMC |
| Quality adjustment |
The price of Silver is on the basis of 999 purity. If the quality is less than 999, it is rejected. |
| Quantity adjustment |
The tolerance limit will be +/- 3 kg. The weight of Silver bar must be between 27 kg to 33 kg. |
| Due Date Rate |
Due Date Rate is calculated on 5th day of the contract month. This is calculated by way of taking simple average of last 3 days of the spot market of Ahmedabad. |
| Applicability of Business Rules |
The general provisions of Byelaws, rules and 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 form and integral part of this contract. The Exchange or FMC as the case may be further prescribe additional measures relating to delivery procedures, warehousing, quality certification, margining, risk management from time to time. (The interpretation or clarification given by the Exchange on any terms of this contract shall be final and binding on the members and others.) |
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* 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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Introduction
Most of the world's silver is mined in the US, Australia, Mexico, Peru, and Canada. Silver ore is most often found in combination with other elements, and silver has been mined and treasured longer than any of the other precious metals. Mexico is the world’s leading producer of silver, followed by Peru, Canada, the United States, and Australia.
The main consumer countries for silver are the United States, which is the world’s largest consumer of silver, followed by Canada, Mexico, the United Kingdom, France, Germany, Italy, Japan and India. The main factors affecting these countries demand for silver are macro economic factors such as Gross Domestic Product growth, Industrial Production, income levels, and a whole host of other financial macro economic indicators.
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