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ALUMINI

ALUMINIUM INGOT Product Note

Authority

Trading of ALUMINIUM INGOTfutures may be conducted under such terms and conditions as specified in theRules, Byelaws & Regulations and directions of the Exchange issued fromtime to time. A specimen of ALUMINIUM INGOT futures contract specification isindicated in Exhibit 1.

Unit of Trading

The unit of trading shall be MTs.Bids and offers may be accepted in lots of 2 MT or multiples thereof.

Months Traded In

Trading in ALUMINIUM INGOTfutures may be conducted in the months as specified by the Exchange from timeto time.

Tick Size

The tick size of the price ofALUMINIUM INGOT shall be Re 0.1/- per KG.

Basis Price

The trading of ALUMINIUM INGOTSwill be Ex-Warehouse at Bhiwandi, exclusive of Import Duty, CVD/Excise, Cess,Sales Tax / VAT and any other levy or tax . In addition, the Buyers will beliable to pay delivery charges to Seller as notified by the Exchange beforelaunch of respective contract. The price at warehouse will be calculated as ifimported i.e on import parity basis.

Unit for Price Quotation

The unit of price quotation forALUMINIUM INGOT shall be in Rupees per kg. The basis for ALUMINIUM INGOT tradedis Ex-warehouse at Bhiwandi, exclusive of Import Duty, CVD/Excise, Cess, SalesTax / VAT and any other levy or tax .

Hours of Trading

As per directions of the ForwardMarkets Commission from Time to Time, currently:

• Mondays through Fridays – 10:00AM to 11:30 PM / 11:55 PM *

• Saturdays – 10:00AM to 02:00 PM

• E All timings are as per IndianStandard Timings (IST)

* Timings are based on DaylightSavings Calendar published by US Government.

Last Day of Trading

Last day of trading shall be lasttrading day of contract month, if last day happens to be a holiday or aSaturday, then the previous working day.

Mark to Market

The outstanding positions infutures contract in ALUMINIUM INGOT would be marked to market daily based onthe Daily Settlement Price (DSP) as determined by the Exchange.

Position limits

At the commodity level, themember-wise position limits will be a maximum of 5,000 tonnes or 20 % of themarket open position, whichever is higher. The Client-wise position limits willbe a maximum of 1000 tonnes. The above limits will not apply to bona fidehedgers. 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. Both position limits will besubject to NCDEX Regulations and directions from time to time.

Margin Requirements

NCDEX will use Value at Risk(VaR) based margin calculated at 99% confidence interval for one day timehorizon. NCDEX reserves the right to change, reduce or levy any additionalmargins including any mark up margin.

Special Margin

In case of additional volatility,a special margin at such percentage, as deemed fit, will be imposed in respectof outstanding positions, which will remain in force as long as the volatilityexists, after which the special margin may be removed.

Delivery Margins

In case of open positionsmaterializing into physical delivery, delivery margins as may be determined bythe Exchange from time to time will be charged. The delivery margins will becalculated based on the number ofxpiry Date – Date as per Exhibit 5 at 11:30 PM/ 11:55 PM * days required for completing the physical delivery settlement (thelook-ahead period and the risks arising thereof).

Penalty for cash settlement

The Exchange vide Circular No.NCDEX/RISK-037/2006/316 dated November 30, 2006 has removed the penalty of 0.5%on Final Settlement Price on seller for cash settlement in contracts withsellers choice to deliver. This penalty application may be revised by theExchange from time to time with due notice.

Arbitration

Disputes between NCDEX membersinter-se and between members and constituents, arising out of or pertaining totrades done on NCDEX shall be settled through arbitration. The arbitrationproceedings and appointment of arbitrators shall be as governed by the Bye-lawsand Regulations of NCDEX.

 

DELIVERY PROCEDURES

The unit of delivery forALUMINIUM INGOT shall be in MTs.

Delivery Size

Delivery is to be offered andaccepted in lots of 2 MTs, Net or multiples thereof. A quantity variation of+/- 250 kgs or 2% whichever lower is permitted as per contract specification.

Delivery Requests

The procedure for Aluminium Ingotdelivery is based on the contract specifications as per Exhibit I. Accordingly,the window for acceptance of delivery requests will be open for 3 working days.The window will close 3 days prior to the expiry date of the contract. Membersgiving delivery requests for the commodities are not permitted to square offtheir open positions. A penalty of 5% of final settlement price on the positionsquared off will be levied on the Members violating the same. The Exchangewould thereafter complete the matching process based on the location and by random,keeping in view the storage capacity of warehouse and Aluminium Ingot alreadydeposited / dematerialized for delivery or any other factor(s) that theExchange deems appropriate for completion of the matching process. It may benoted that upon expiry of the contract, if any seller having open positiondesires to give physical delivery at a specified delivery center, then thebuyer with corresponding open position as matched by the process put in placeby the Exchange, shall be bound to settle by taking physical delivery. All openpositions of those sellers who do not provide required information for physicaldelivery shall be settled in cash.

Delivery Allocation

The Exchange would then compiledelivery requests received from members as specified above. The buyers /sellers who have to receive / give delivery would be notified on the ExpiryDate after the close of trading hours. Delivery of ALUMINIUM INGOT is to beaccepted by buyers at the accredited warehouse where the seller effectsdelivery in accordance with the contract  specifications.

Actual Delivery

Where ALUMINIUM INGOT is sold fordelivery in a specified month, the seller

must have requisite electroniccredit of such ALUMINIUM INGOT holding in

Local sales tax / Value Added Tax(VAT) is to be borne by the buyer on all

contracts

resulting in delivery. Membersand / or their constituents requiring to receive

or deliver ALUMINIUM INGOT shouldregister with the relevant sales tax

authorities of place where thedelivery is proposed to be received / given. In

the event of sales tax/VATexemption, such exemption certificate should be

submitted before settlement ofthe obligation. There will be no exemptions

on account of resale or secondsale in VAT regime.

Premium / Discount

Premium & Discount on theALUMINIUM INGOT delivered will be provided by

the Exchange on the basis ofquality specifications:

The Exchange will communicate thepremium / discounts amount applicable.

Such amount will be adjusted tothe members account through the

supplementary settlement.

Currently, the applicablepremium/discounts for the commodity

ALUMINIUM INGOT is NIL

 

Exhibit 1 – ContractSpecifications Of Aluminium Ingot

Type of contract Futures ContractSpecifications

Name of commodity ALUMINUM INGOT

Ticker Symbol ALUMINIUM

Trading system NCDEX TradingSystem

Basis Ex-Warehouse at Bhiwandi,exclusive of Import Duty,

CVD/Excise, Cess, Sales Tax / VATand any other levy or

tax. In addition, the Buyers willbe liable to pay delivery

charges to Seller as notified bythe Exchange before launch

of respective contract

Unit of trading 2 MT (Two MetricTonnes)

Delivery unit 2 MT (Two MetricTonnes)

Quotation/base

value

Rs per KG

Tick size Re. 0.1/- per KG (10Paise )

Quality specification Aluminum of99.7 % purity and each slab weighing 12 – 26

kgs

As per IS 2590 -1987

Quantity variation +/- 250 KGs or2% whichever is lower

Delivery Centre Bhiwandi,Maharastra. Warehouse to be accredited within

50kms from the municipal limits

Additional Delivery

center

Delhi. Warehouse to be accreditedwithin 50kms from the

municipal limits

Location Premium/Discount asnotified by the Exchange from

time to time

Hours of trading As perdirections of the Forward Markets Commission from

time to time, currently-

Mondays through Fridays : -

10:00 AM to 11:30 PM

Saturdays - 10:00AM to 02:00 PM

Expiry Date - at 11:30 PM

All timings are as per IndianStandard Timings (IST)

The Exchange may change the abovetiming with due notice.

Delivery

specification

The seller would be required togive their intentions through the

delivery request window at least3 trading days prior to the expiry

of the contracts and theintention will be collected during 3 days

which would be notifiedseparately.

No. of active

contracts

As per the launch calender

Opening of

contracts

Trading in any contract monthwill open on the 1st day of

the month. If the 1st day happensto be a non-trading day,

contracts would open on the nexttrading day

Due date/Expiry

date

Last trading day of the month

If last day happens to be aholiday, a Saturday or a Sunday

then the due date shall be theimmediately preceding trading

day of the Exchange

Closing of contract On expiry ofthe contract, all outstanding positions not

resulting in giving/taking ofphysical delivery of commodity

shall be closed out at the FinalSettlement Price announced

by the Exchange

Daily price

fluctuation limit

Daily price limit is (+/-) 5%from the previous day s closing

price. If the trade hits theprescribed daily price limit there

will be a cooling off period for15 minutes. Trade will be

allowed during this cooling offperiod within the price band.

Thereafter the price band wouldbe raised by another 50% of

the existi If the price hits therevised price band (7.5%) again during

the day, trade will only beallowed within the revised price

band. No trade/order shall bepermitted during the day

beyond the revised limit of (+/-)7.5% from the previous

day s closing price.

Position limits Member–wise:5,000 Metric Tonnes or 20% of market wide

open position, whichever ishigher.

Client–wise:1,000 Metric Tonnes

The above limits will not applyto bona fide hedgers. For bona fide

hedgers, the Exchange will, on acase to case basis, decide the

hedge limits. Please refer toCircular No. NCDEX/TRADING-

100/2005/219 dated October20,2005.

Initial Margin 5%

Special Margin In case ofadditional volatility, a special margin at such

percentage, as deemed fit, willbe imposed in respect of

outstanding positions, which willremain in force as long as

the volatility exists, afterwhich the special margin may be

relaxed.

Delivery logic Sellers Optionnglimit i.e. (+/-) 2.5% and trade will be resumed.

 

The contents of this product noteare subject to Rules, Byelaws and Regulations of NCDEX as in force  rom time to time and be read  therewith.

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