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NCDEX to launch futures trading in thermal coal

NCDEX to launch futures trading in thermal coal
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First Published: Tue, Sep 09 2008. 12 53 PM IST
Updated: Tue, Sep 09 2008. 12 53 PM IST
PTI
New Delhi: Leading agri-commodity bourse National Commodity and Derivatives Exchange (NCDEX) will launch futures trading in thermal coal on 10 September.
“The first set of contracts in thermal coal would be launched on September 10,” NCDEX said in a statement.
The exchange said that it would initially launch October, November and December contracts and subsequent contracts would be launched next year.
“Trading and delivery units are fixed at 100 tonnes each,” it said, adding that the main delivery centre would be Nagpur, Maharastra. The daily price fluctuation limit is set at 6%.
Highlighting delivery specification, NCDEX said: “The seller would be required to give their intention at least five trading days prior to the expiry of the contracts.”
“If the buyer with outstanding positions at maturity or a seller, who has agreed to deliver, fails to meet the obligation, he would have to pay penalty structured by the regulator,” it added.
NCDEX registered a business of Rs30,057 crore during the first fortnight of August. Mustard seed trading surpassed soyabean with a turnover of Rs6,919 crore.
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First Published: Tue, Sep 09 2008. 12 53 PM IST
More Topics: Markets | NCDEX | Coal | Futures | Trading |