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Symbol |
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RUBBER |
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Description |
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RUBBERMMMYY |
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| Contracts Available for Trading |
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January Contract |
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16th September of the earlier year to 15th January of the contract year |
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February Contract |
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16th October of the earlier year to 15th February of the contract year |
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March Contract |
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16th November of the earlier year to 15th March of the contract year |
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April Contract |
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16th December of the earlier year to 15th April of the contract year |
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May Contract |
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16th January to 15th May of the contract year |
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June Contract |
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16th February to 15th June of the contract year |
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July Contract |
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16th March to 15th July of the contract year |
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August Contract |
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16th April to 14th August of the contract year |
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September Contract |
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16th May to 15th September of the contract year |
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October Contract |
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16th June to 15th October of the contract year |
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November Contract |
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16th July to 15th November of the contract year |
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December Contract |
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16th August to 15th December of the contract year |
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Trading Period |
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Mondays to Saturday |
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Trading Session |
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Monday to Friday: 10.00 am to 5.00 pm
Saturday: 10.00 am to 2.00 pm |
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| Trading |
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Trading Unit |
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1 MT |
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Quotation/Base Value |
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100 Kg. |
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Maximum Order Price |
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50 MT |
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Tick Size (minimum price movement) |
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Rs. 1 |
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Daily Price Limits |
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4 % |
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Price Quote |
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Ex- Kochi (excluding all taxes and levies) |
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Initial Margin |
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5 % |
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Special Margin |
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In case of additional volatility, a special margin at such percentage, as deemed fit, will be imposed immediately on both buy and sale side in respect of all outstanding position, which will remain in force for next 3 days, after which the special margin will be relaxed. |
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Maximum Allowable Open Position |
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For individual clients: 10000 MT
For a member collectively for all clients: 10 % of the open market position |
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| Delivery |
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1 MT (with a tolerance limit of 2%) which means that if the seller delivers any quantity between 980 kg to 1020 kg, it will be construed as adequate discharge of his delivery obligation of 1 MT, though he will get the value only for actually quantity delivered by him. |
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Delivery Centre(s) |
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Designated warehouses of CWC and other approved warehouses at Cochin |
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Tender Period |
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Between 12 th day to 15 th day of the delivery month. On designated delivery days, delivery documents alongwith surveyor's certificate can be tendered for settlement. |
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Quality Certification |
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Ribbed Smoked Sheets 4 (RSS4). The seller must obtain quality certificate from Exchange empanelled quality certification agency before tendering delivery. |
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Quality Specifications |
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Quality specifications as provided under Part II Section 1 of the Green Book including the following specifications which are also a part of the Green Book:
- Rubber must be dry, firm, and free of blemishes, blisters, sand, dirty packing and all other foreign matter other than specified above as permissible.
- Medium size bark particles, bubbles, translucent stains, slightly over smoked rubber are permissible to the extent shown in the sample.
- Oxidised spots or streaks, weak, heated, under cured, over smoked (in excess of the degree shown in the sample), and burnt sheets are not permissible.
- Slight resinous matter (rust) and slight amounts of dry mould on wrappers bale surfaces and interior sheets, found at time of delivery will not be objected to.
- Should 'rust or dry mould' in an appreciable extent appear on more than 20% of the bales sampled, it shall constitute grounds for objection.
- Nothing but coagulated Rubber sheets, properly dried and smoked can be used in making these grades: block, cuttings or other scrap or frothy sheets, weak, heated or burnt sheets, air dried or smooth sheets not permissible.
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Top |
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| Delivery and Settlement Procedure of Rubber |
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| 1. |
Tender Days: 12 th , 13 th , 14 th &15 th Day of Contract Month by 3:00 p.m. Sellers and Buyers can submit intention on any of these days. |
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| 2. |
DELIVERY LOGIC: COMPULSORY DELIVERY. IF SELLER FAILS TO DELIVER THEN A FINE OF 5% is LEVIED. |
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| 3. |
Buyer's Obligation: Buyer has to take allocated delivery failing which defaulting buyers will be imposed 5% penalty on the Due Date Rate of which 90% will be passed to the seller. Further, the Buyer will not have any option about choosing the place of delivery and will have to accept the delivery as per allocation made by the exchange. |
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| 4. |
Tender Notice by Sellers: The Seller will issue tender notice with evidence of delivery to the exchange in a specified format along with the Warehouse Receipt. Members shall not square off his outstanding position to the extent of tendered quantity. |
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| 5. |
New Position Creation in Tender Period: During the tender period members will not be allowed to create a fresh position or increase their existing positions. Only squaring off of their existing positions shall be allowed. However, creation of a fresh position or increase the existing positions shall be permitted in the following situations:
i) if spot price of previous day is more than closing price of the futures contract on previous day by more than 5% then new long position shall be permitted. The fresh buying shall be above closing price of the futures contract on the previous day.
ii) if spot price of previous day is less than closing price of the futures contract on previous day by more than 5% then new short position shall be permitted. The fresh selling shall be below closing price of the futures contract on the previous day. However the above situations will not result in an increase in net open position at the Exchange. |
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| 6. |
Tender & Delivery Period: 12 th to 20 th of the Contract Month |
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| 7. |
Tender & Delivery Period Margin: 20% on the Net Outstanding Position will be imposed from 12 th day of the Contract month. |
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| 8. |
Exemption of Tender & Delivery Period Margin: Tender & Delivery Period margin is exempted if Goods delivered on the designated tender days provides all the documentary evidence to the exchange. |
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| 9. |
Dissemination of Information on Tendered Delivery on Trader Work Station.: Upto 7.00 p.m. on Designated Tender Days. |
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| 10. |
Delivery Order:Delivery Order will be submitted in specified format giving details of Members / Registered Non-Members who shall perform delivery. It will be accompanied by a valid Warehouse Receipt, Invoice and Good Delivery Quality Certificate from Exchange designated Certifier as per Contract Specifications. Delivery order once submitted cannot be withdrawn or cancelled or changed unless so agreed by MCX in writing. Members tendering the delivery order shall clearly specify the grade and shall be in conformity with the surveyor's certificate accompanied with the delivery document and cannot be changed subsequently. Each delivery order issued shall be in multiples of minimum delivery lots and shall be designated for only one delivery center and one location in such center. The seller shall not issue delivery order at a place where there is restriction against movement of goods. In case, the seller is unable to give permit to the buyer, the same would be treated as No-Delivery and he shall be liable to pay such penalty as may be applicable for failure to tender delivery. |
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| 11. |
Odd Lot treatment: Not Applicable |
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| 12. |
Mode of Communication:Fax or Courier |
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| 13. |
Allocation of Delivery: First amongst the willing Buyers and then amongst the other Buyers. Done on 15 th day of the contract month after closure of market. |
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| 14. |
Delivery Order Rate: Due Date Rate. |
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| 15. |
Pay-in (Funds) for Delivery: By 10:30 a.m. on 17 th day of the contract month. |
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| 16. |
Funds and Delivery Payout: By 5.00 pm on 17 th day of the contract month. |
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| 17. |
Transfer of Delivery: Warehouse receipts shall be endorsed in the name of the buyer after the Pay-in and Pay-out procedures are completed. |
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| 18. |
Close out of Open Positions and Penalty on defaulter: All outstanding positions on the expiry of contract shall be settled by delivery. In case, any seller opts out of physical delivery on 15 th , the position shall be closed out at Due Date Rate and respective Payin and Payout of Funds of such close out with penalty shall be effected on 16 th day of Contract Month by 01:00 p.m. Defaulting sellers with undelivered open positions as on expiry date will be imposed 5% penalty of which 90% will be passed to the buyer. |
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| 19. |
Legal Obligation: The members will provide appropriate tax forms wherever required as per law and as customary and neither of the parties will unreasonably refuse to do so. |
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| 20. |
Taxes, Duties, Cess & Levies: The buyer pays the Sales Tax or submits relevant form and all the other taxes and levies. In case of Inter-State movement, Buyer has to submit requisite forms or pay CST as applicable. Post lifting delivery all charges are borne by the Buyer |
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| 21. |
Warehouse Charges, Insurance Charges & Transportation Charges: Borne by the Seller upto Payout Date. Borne by the Buyer after Payout Date. |
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| 22. |
Extension of Delivery Period: As per exchange decision due to a force majeure or otherwise |
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| 23. |
Due Date Rate: Rubber: Official closing of Rubber Board and /or prices from MCX approved panel from the spot market for the last 3 days of the contract |
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| 24. |
Applicability of Business Rules: The general provisions of Business Rules & decisions taken by FMC/ Board / Executive Committee in respect of matters specified above will apply mutatis mutandis. The Exchange may further prescribe additional measures relating to delivery procedures, warehousing, Quality Certification, Margining, risk management from time to time. In case of any interpretational dispute or clarifications the decision of the Exchange shall be final and binding on the members and others. |
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