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Click here- Refiners applicable February 2009 expiry onwards
Future Contract Specification Silver 5 kgs updated as on
5 October 2009 ( Applicable for contracts expiring in November 2009 and
thereafter )
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| Type of Contract |
Silver Futures
Contract Specifications |
| Name of Commodity |
Silver |
| Ticker symbol |
SILVER5AHM |
| Trading System |
NCDEX Trading System |
| Basis |
Ex-Ahmedabad inclusive
of Customs Duty, exclusive of local sales tax/VAT. |
| Unit of trading |
5 Kg |
| Delivery unit |
5 kg |
| Quotation/base value |
Rs per Kg of Silver
with 999 fineness |
| Tick size |
Re. 1 |
| Quality specification
|
Not less than 999
fineness bearing a serial number and identifying stamp of a refiner
approved by the Exchange.
List of approved refiners:
www.ncdex.com\downloads\refiners_silver.pdf
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| Quantity variation |
+/- 6 per cent |
| Delivery center |
Ahmedabad |
| Additional delivery centres |
New Delhi
Location Premium/Discount as notified by the Exchange from time to
time. |
| Hours of trading |
As per directions
of the Forward Markets Commission from time to time, currently) -
Mondays through Fridays : 10:00 AM to 11:30
PM
Saturdays : 10:00 AM to 02:00 PM
On the expiry date, contracts expiring on that day will not be available
for trading after 5 PM.
The Exchange may vary the above timing with due notice. |
| Due date/Expiry date |
20th day of the delivery
month
If 20th happens to be a holiday; a Saturday or a Sunday then the due
date shall be the immediately preceding trading day other than a Saturday
of the Exchange. |
| Delivery Specification
|
Upon expiry of the
contracts, the delivery position would be arrived at by the Exchange
as per the process put in place by the Exchange for effecting physical
delivery based on the information to give/take delivery furnished
by the sellers and buyers. |
| Closing of contract
|
On expiry of the contract,
all outstanding positions not resulting in giving/taking of physical
delivery of the commodity shall be closed out at the Final Settlement
Price announced by the Exchange |
| Opening of contracts |
Trading in any contract month
may open on the 10th day of the month in which the near month contract
is due to expire. If the 10th day happens to be a non-trading day,
contracts would open on the next trading day. |
| No. of active contracts |
As per launch calendar |
| Price band |
Base daily price fluctuation limit
is (+/-)4%. If the trade hits the prescribed base daily price limit,
the limit will be relaxed up to (+/-)6% without any break/ cooling
off period in the trade. In case the daily price limit of (+/-)6%
is also 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.
On the first day of any new contract, the limit on daily price fluctuation
will be reckoned with reference to the opening price. On the second
and subsequent days, the daily price fluctuation limit will be reckoned
with reference to the mark-to-market rate of the previous closing
rate. |
| Position limits *
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Member-wise:
150 MT or 15% of market-wide open position whichever is higher.
Client-wise: 50 MT
(The above limits will not apply to bona fide hedgers. For bonafide
hedgers, the Exchange will, on a case to case basis decide the hedge
limits.) |
Quality Allowance (for Delivery)
|
Silver bars of 999 fineness. No
premium/discount. |
| Special Margin |
In case of additional volatility,
a special margin of at such other percentage, as deemed fit, will
be imposed immediately on both buy and sell side in respect of all
outstanding positions, which will remain in force for next 2 days,
after which the special margin will be relaxed. |
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* The Position Limits for Silver shall be applicable to
each individual contract and all Silver contracts put together. All Silver contracts
include contracts of Silver 5 Kgs Ahmedabad (Symbol: SILVER5AHM), Silver 5 Kgs
Delhi (Symbol: SILVER5DEL), Silver 30 Kg Ahmedabad (Symbol: SLVPURAHM) and Silver
International (Symbol: SLVPURINTL). Any new contract of Silver shall also be
included for calculation within the above limits.
Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
| August 2009 |
November 2009 |
| September 2009 |
December 2009 |
| October 2009 |
January 2010 |
| November 2009 |
February 2010 |
| December 2009 |
March 2010 |
| January 2010 |
April 2010 |
| February 2010 |
May 2010 |
| March 2010 |
June 2010 |
| April 2010 |
July 2010 |
| May 2010 |
August 2010 |
| June 2010 |
September 2010 |
| July 2010 |
October 2010 |
| August 2010 |
November 2010 |
| September 2010 |
December 2010 |
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Contract Launch Calendar of Silver 5 kg (SILVER5AHM):-
| Contract Launch Month |
Contract Expiry Month |
|
October 2010 |
January 2011 |
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November 2010 |
February 2011 |
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December 2010 |
March 2011 |
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January 2011 |
April 2011 |
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February 2011 |
May 2011 |
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March 2011 |
June 2011 |
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April 2011 |
July 2011 |
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May 2011 |
August 2011 |
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June 2011 |
September 2011 |
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July 2011 |
October 2011 |
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August 2011 |
November 2011 |
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September 2011 |
December 2011 |
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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.
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