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Maize
Futures Contract Specifications
(Please refer to notes, if any, listed below this contract specifications) |
| Trading system |
NCDEX Trading System |
| Basis |
Ex-warehouse Nizamabad inclusive of all taxes |
| Unit of trading |
50 MT (50,000 Kgs) |
| Delivery Unit |
50 MT (50,000 Kgs) gross to net 100 kgs packed in sound jute bags |
| Quotation/base value |
Rs per quintal |
| Tick Size |
50 paise |
| Quality Specification |
Yellow/Red maize with the following specifications:
Count - 360-400 grains per 100 grams
Foreign matter - 1% max
Broken, Damaged/slightly damaged and Immature kernels - 2% max
Aflatoxin - 20 ppb max
Weevilled grains - 1 % max
Moisture - 12% max
Crop year - Current
Maize shall be free from any colouring agent, moulds, stored grain pests and obnoxious smell |
| Quantity variation |
+/- 5 % |
| Delivery Centers |
Nizamabad |
| Additional delivery centres |
Davangere, Karimnagar, Nimbheda, Ratlam,Bahraich |
| Hours of Trading |
As per directions of the Forward Markets Commission from time to time, currently -
Mondays through Fridays
Morning Session - 10:00 AM to 05:00 PM
Pre-open Session - 05:25 PM to 05:30 PM
Evening Session - 05:30 PM to 08:00 PM
Saturdays
Trading Hours - 10.00 AM to 2.00 PM
On the expiry date, contracts expiring on that day will not be available for trading after 5 PM. |
| Delivery specification |
Upon expiry of the contracts, if any seller with open position desires to give delivery at a particular delivery center, then the corresponding buyer with open position as matched by the process put in place by the Exchange shall be bound to settle by taking physical delivery |
| No. of Active contracts |
Minimum 2 contracts and maximum 12 contracts running concurrently. |
| 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 of the Exchange |
| Opening of contracts |
The first set of contracts will be launched on Wednesday, January 5, 2005
Subsequently, trading in any contract month will open on the 21st day of the month. If the 21st day happens to be a non-trading day, contracts would open on the next trading day |
| Closing of contract |
All open positions will be settled as per general and product specific regulations |
| Price Band |
Limit 8%. |
| Position limits |
Member-wise: 5,000 contracts (2,50,000 MT)
Client-wise: 1,000 contracts (50,000 MT) |
| Special margins |
Special Margins, by way of addition to the normal margins, would be levied on a large unidirectional movement of any maize contract on either the buy or sale side whichever way the movement has happened based on the first day settlement price of that contract and valid for the life of that contract. Special margins would be levied as follows -
- a 20 per cent unidirectional movement would attract a special margin of 1 per cent,
- movement by 25 per cent would attract a special margin of 2 per cent and finally
- a movement of 30 per cent and above would attract a special margin of 3 per cent.
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| Premium/Discount |
Count
Maize with count more than 400 grains but up to 440 grains per 100 grams shall be acceptable at a discount of 1% of the traded price
Maize with count more than 440 grains per 100 grams shall be rejected
Broken, Damaged/slightly damaged and Immature Kernels
Maize with broken, damaged/slightly damaged and immature kernels will be acceptable up to 5% max at a discount on 1:1 basis for every percentage more than 2%
Maize with broken, damaged/slightly damaged and immature kernels more than 5 % max shall be rejected
Moisture
Maize with moisture more than 12% max up to 14% max shall be acceptable only in the contract months expiring from October to January at a discount on 1:1 basis
Maize with moisture more than 14% max shall be rejected |
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