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Futures Contract Specifications for Light Sweet Crude Oil.
Type of Contract Futures Contract Specifications
Name of Commodity Light Sweet Crude Oil
Ticker symbol CRUDEOIL
Trading System NCDEX Trading System
Unit of trading 100 barrels
Delivery unit 50,000 barrels
Quotation/base value Rs per barrel*
Tick size Re 1.00
Quality specification
Crude oil API Gravity Sulphur Content
all crudes which satisfy the following 37-42 degrees Less than or equal to 0.42%
Quantity variation +/- 1% by volume
Basis FOB Cushing, Oklahoma, United States of America exclusive of all levies and taxes
Delivery center JNPT/ Mumbai Port.

The buyer shall be responsible for the freight cost, insurance, import duty and all other taxes and levies on actual basis. Freight and Insurance will be paid on actual basis on production of satisfactory documentary evidence from the seller.
Trading hours Mondays through Fridays - 10:00 AM to 11:30 PM
10:00 AM to 11:55 PM (during US day light saving period)
Saturdays - 10:00AM to 02:00 PM
Expiry Date - at 11:30 PM / 11:55 PM *

All timings are as per Indian Standard Timings (IST)
*during US day light saving period
Due date/Expiry date As per launch calendar
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. This will be matched by exchange for physical delivery as per the process put in place by the Exchange.
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 Final settlement Price on the expiry of the contract.
Opening of contracts As per launch calendar
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 12,00,000 barrels for Member
4,00,000 barrels for Client

(For hedge limits refer circular no. NCDEX/TRADING-100/2005/219 dated October 20, 2005).
Quality Allowance ( for Delivery) No variation allowed
* 1 BARREL = 42 US GALLONS = 158.98 LITRES


Launch Calendar for Light Sweet Crude Oil Futures Contract :-

Contract Launch Month Contract Expiry Month
20 October 2009 19 January 2010
20 November 2009 19 February 2010
19 December 2009 19 March 2010
20 January 2010 19 April 2010
20 February 2010 19 May 2010
20 March 2010 21 June 2010

Contract Launch Calendar
Contract Launch Month Contract Expiry Month
20 April 2010 19 July 2010
20 May 2010 19 August 2010
22 June 2010 20 September 2010
20 July 2010 19 October 2010
20 August 2010 18 November 2010
21 September 2010 17 December 2010




Contract Launch Calendar of Light Sweet Crude Oil :-

Contract Launch Date Contract Expiry Date
 20 October 2010  19 January 2011
 19 November 2010  18 February 2011
 18 December 2010  21 March 2011
 20 January 2011  18 April 2011
 19 February 2011  19 May 2011
22 March 2011 20 June 2011
19 April 2011 19 July 2011
20 May 2011 19 August 2011
21 June 2011 19 September 2011
20 July 2011 19 October 2011
20 August 2011 17 November 2011
20 September 2011 19 December 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.