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Click Here - Contract Launch Calendar





Futures Contract Specifications Updated as on 11 February 2009
Type of Contract Futures Contract Specifications
Name of Commodity Brent Crude Oil
Ticker symbol BRENTCRUDE
Trading System NCDEX Trading System
Unit of trading 100 Barrels
Delivery unit 50,000 Barrels
Quotation/base value Rs per barrel*
Basis Sullom Voe, Shetland Islands, United Kingdom exclusive of all levies and taxes.
Tick size Re.0.50
Quality specification
Crude Type API Gravity Sulphur Content
Brent 38.5 degrees 0.36%
Also Deliverable
Crude Type API Gravity Sulphur Content
Forties 41.5-42.5 degrees 0.25-0.3%
Osberg 35.9degrees 0.32%
Quantity variation +/- 1% by volume
Delivery center Mumbai Port / Jawaharlal Nehru Port Trust (JNPT).

The Buyer will be responsible for the freight cost, insurance, import duty and all other taxes & levies on actual basis. Freight and insurance will be paid on actual basis on production of satisfactory documentary evidence from the seller.
Hours of trading As per directions of the Forward Markets Commission from time to time, currently -

Mondays through Fridays: 10:00 a. m. to 11:30 p.m.

Saturdays: 10.00 a.m. to 02.00 p.m. The Exchange may vary the above timing with due notice.
Delivery specification The buyer and seller shall give intentions of taking/giving delivery through the delivery request window at least three trading days prior to the expiry of the contracts and such intentions can be given during 3 days which would be notified separately.
Delivery logic Intention matching
Opening of contracts As per launch calendar.
Due date/Expiry date As per launch calendar
Closing of contract All open positions for which delivery intentions have not been received or for which delivery intentions have been rendered but remain unmatched for want of counterparty to settle delivery will be cash settled at the Final Settlement Price on the expiry of the contract.
No. of active contracts As per launch calendar
Price limit Base daily price fluctuation limit is (+/-) 4%. If the trade hits the prescribed daily price limit, the price limits will be relaxed up to (+/-) 6% without any break/ cooling off period in the trade. In case the daily price limit of (+/-) 6% is breached, then after a cooling off period of 15 minutes, the daily price limit will be further relaxed up to (+/-) 9%. Trade will be allowed during the cooling off period within the price band of (+/-) 6%.
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.
Position limits Member: 12,00,000 barrels or 20% of open interest , whichever is higher.

Client: 4,00,000 barrels.
Special Margins Special margin of 5% of the value of the contract will be applied whenever the rise or fall in price from the first day's closing price is 20%.This is payable by buyer or seller depending on whether prices rise or fall respectively. The margins shall stay in force so long as price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band.
* 1 Barrel = 42 US gallons = 158.98 liters


Contract Launch Calendar :-
Launch Date Expiry Date
27 January 2010 11 February 2010
27 January 2010 16 March 2010
27 January 2010 15 April 2010
12 February 2010 14 May 2010
17 March 2010 15 June 2010

Contract Launch Calendar :-
Contract Launch Date Contract Expiry Date
16 April 2010 15 July 2010
15 May 2010 16 August 2010
16 June 2010 15 September 2010
16 July 2010 14 October 2010
17 August 2010 15 November 2010
16 September 2010 16 December 2010




Contract Launch Calendar of Brent Crude Oil :-

Contract Launch Date Contract Expiry Date
 15 October 2010  14 January 2011
 16 November 2010  11 February 2011
 17 December 2010  16 March 2011
 15 January 2011  14 April 2011
 12 February 2011  16 May 2011
17 March 2011 15 June 2011



Members and market participants who enter into buy and sell transactions may please note that they need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars, directives, notifications of the Exchange as well as of the Regulators, Governments and other authorities.

Members and market participants trading on the Exchange in the commodity contracts shall be deemed to be aware of applicable laws and amendments thereof from time to time, including provisions and rates relating to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp duty, etc., applicable on the underlying commodity of any contract offered for trading.

The Exchange shall not be responsible or liable on account of non compliance by any of the members and market participants of any such applicable laws or any amendments thereof including not being aware of rates of taxes, levies, etc., on the underlying commodity of any contract offered for trading.