Ahmedabad: The National Multi-Commodity Exchange (NMCE) has introduced ‘premium grade coconut oil’, in addition to the existing basis ‘edible grade’ coconut oil with certain modifications in contract specifications.
The exchange is simultaneously launching three new futures contracts in coconut oil from June 16, 2008. Each contract will be concurrently traded on NMCE e-platform. They will expire on August 14, September 15 and October 15 respectively in 2008, NMCE said in a release here.
As per the modifications, the oleic acid content as Free Fatty Acid (FFA) in the ‘premium grade’ coconut oil should not exceed 1 per cent. And, in case, it exceeds 1 per cent, the buyer shall have the option to reject. In case of the existing ‘basis edible grade’ coconut oil, the oleic acid content as FFA should not exceed 1.5 per cent limit.
The permissible iodine value in the ‘premium grade’ coconut oil is 7.50 to 9 units, whereas that for the existing basis ‘edible grade’ is 7.50 to 10 units.
Ticker size
For easier transactions, the ticker size for trading is being changed to one rupee from 10-paise earlier. However, it will be continued to be traded in lots of one metric tonne and the price quoted in rupees per quintal, as earlier. The premium grade coconut oil is tenderable at a premium of Rs 2.50 per kg.
Other parameters of the ‘premium grade’ coconut oil remain the same as the ‘basis edible grade.’ The changes have been approved by the commodities market regulator Forward Markets Commission (FMC).
In another change, applicable to both the grades, the commodity could be delivered anywhere in India, as decided by the Exchange from time to time, provided the seller compensates the buyer for extra freight and taxes incurred by the buyer if such delivery is made from a place 100 km away from the existing delivery centre at Kochi in Kerala.
As per the prevailing quality specifications, coconut oil as obtained from copra, should be clear and taste sweet, free from any other oil or substance, suspended or other foreign matters and from rancidity.
Meanwhile, NMCE launched new series for futures contract in guarseed (10 MT) and turmeric with effect from Tuesday, June 10, 2008, both expiring on October 20, 2008.
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NMCE also provides trading platform for copra, pepper, isabgol (psyllium seed), rape/mustard seed, sacking, castor seed and non-ferrous base metals among other commodities.
The exchange is simultaneously launching three new futures contracts in coconut oil from June 16, 2008. Each contract will be concurrently traded on NMCE e-platform. They will expire on August 14, September 15 and October 15 respectively in 2008, NMCE said in a release here.
As per the modifications, the oleic acid content as Free Fatty Acid (FFA) in the ‘premium grade’ coconut oil should not exceed 1 per cent. And, in case, it exceeds 1 per cent, the buyer shall have the option to reject. In case of the existing ‘basis edible grade’ coconut oil, the oleic acid content as FFA should not exceed 1.5 per cent limit.
The permissible iodine value in the ‘premium grade’ coconut oil is 7.50 to 9 units, whereas that for the existing basis ‘edible grade’ is 7.50 to 10 units.
Ticker size
For easier transactions, the ticker size for trading is being changed to one rupee from 10-paise earlier. However, it will be continued to be traded in lots of one metric tonne and the price quoted in rupees per quintal, as earlier. The premium grade coconut oil is tenderable at a premium of Rs 2.50 per kg.
Other parameters of the ‘premium grade’ coconut oil remain the same as the ‘basis edible grade.’ The changes have been approved by the commodities market regulator Forward Markets Commission (FMC).
In another change, applicable to both the grades, the commodity could be delivered anywhere in India, as decided by the Exchange from time to time, provided the seller compensates the buyer for extra freight and taxes incurred by the buyer if such delivery is made from a place 100 km away from the existing delivery centre at Kochi in Kerala.
As per the prevailing quality specifications, coconut oil as obtained from copra, should be clear and taste sweet, free from any other oil or substance, suspended or other foreign matters and from rancidity.
Meanwhile, NMCE launched new series for futures contract in guarseed (10 MT) and turmeric with effect from Tuesday, June 10, 2008, both expiring on October 20, 2008.
Want to invest in Stock Market? Get expert advice on your mobile
NMCE also provides trading platform for copra, pepper, isabgol (psyllium seed), rape/mustard seed, sacking, castor seed and non-ferrous base metals among other commodities.
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