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Click Here - Contract Specifications for Thermal Coal - Applicable for contracts expiring in June 2009 and thereafter.
Click Here - Contract Launch Calendar
Click Here - Contract Launch Calendar
Click Here - Contract Launch Calendar




Futures Contract Specifications for Thermal Coal - Wani. Updated as on 01 April 09.
(Applicable for contracts expiring in June 2009 and thereafter)
Type of Contract Futures Contract Specifications
Name of Commodity Thermal Coal
Ticker symbol COALWANI
Trading System NCDEX Trading System
Basis Ex-warehouse Wani, exclusive of sales tax and local levies
Unit of trading 10 MT
Delivery unit 10 MT
Quotation/base value Rs. per MT
Tick size Rs. 10 per MT
Quality specification
Gross Calorific Value(GCV) (ADB) 4000 kcal/kg
Total Moisture (ARB) 12%
Ash (ADB) 35%
Size > 10 mm
Quantity variation +/- 5 %
Delivery center Wani (Wani and within 100 kms of Wani)
Hours of Trading As per directions of the Forward Markets Commission from time to time, currently –

Mondays through Fridays: 10:00 AM to 5:00 PM
Saturdays: 10.00 AM to 2.00 PM

The Exchange may vary the above timing with due notice
Due Date/ Expiry Date Last Day of every month

If the Last Day happens to be a non-trading day, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange, not being a Saturday.
Delivery Specification Upon expiry of the contract all outstanding positions will result in delivery.

The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Delivery Logic Compulsory Delivery
Opening of contracts Trading in any contract month will open on the 1st day of the month. If the 1st day happens to be a non-trading day, contracts would open on the next trading day.
Closing of contract Upon the expiry of contract all outstanding open positions would result in compulsory delivery
No. of active contracts As per the Contract Launch Calendar.
Price band 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%.

If the price hits the revised price band (9%) again during the day, trade will only be allowed with the revised price band. No trade/order shall be permitted during the day beyond the revised limit of (+/-) 9%.
Position limits Member–wise: 12,00,000 MT for all contracts or 15% of market wide Open Interest whichever is higher.
Client–wise: 4,00,000 MT

The above limits will not apply to bona fide hedgers. For bona fide hedgers, the Exchange will, on a case to case basis, decide the hedge limits. Please refer to Circular No. NCDEX/TRADING-100/2005/219 dated October 20, 2005.
Special Margin In case of additional volatility, a special margin at such other percentage, as deemed fit, will be imposed in respect of outstanding positions, which will remain in force as long as the volatility exists, after which the special margin may be relaxed.
Premium/Discount Premium/Discount for GCV:
  • Guaranteed GCV = 4000 kcal/kg.
  • Premium/Discount :

Adjusted Value = Price x GCV(ADB)
        Guaranteed GCV (4000)
  • If GCV is less than 3700 kcal/kg, the goods will be rejected.
  • If GCV is greater than 4300 kcal/kg, no premium would be applicable.

Premium/Discount for Total Moisture:
  • Total moisture in excess of 12% (subject to maximum of 14%) shall be adjusted for as follows:
    Adjusted Quantity=Contract quantity x (100 - (Actual TM-Basis TM)/100
  • Total moisture of less than 12% shall not attract any premium.
  • If Total Moisture is greater than 14% the goods will be rejected.

Premium/Discount for Ash:
  • Ash of less than 35% shall not attract any premium.
  • If Ash is greater than 37% the goods will be rejected.

Premium/Discount for size : If more than 15% of the coal is less than 10 mm in size, a discount of Rs 25/MT will be applicable on every additional percentage over 15%


Contract Launch Calendar

Launch Date Expiry Date
27 January 2010 February 2010
27 January 2010 March 2010
February 2010 April 2010
March 2010 May 2010
April 2010 June 2010



Contract Launch Calendar

Contract Launch Month Contract Expiry Month
05/06/2010 July 2010
05/06/2010 August 2010
July 2010 September 2010
August 2010 October 2010
September 2010 November 2010
October 2010 December 2010




Contract Launch Calendar of Thermal Coal :-

Contract Launch Month Contract Expiry Month
 November 2010  January 2011
 December 2010  February 2011
 January 2011  March 2011
 February 2011  April 2011
 March 2011  May 2011
April 2011 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.