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Symbol |
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CRUDEOIL |
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Description |
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CRUDEOILMMMYY |
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| Contracts Available for Trading |
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January Contract |
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16th September to 15th December of the contract year |
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February Contract |
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16th October of the earlier year to 15th January of the contract year |
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March Contract |
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16th November of the earlier year to 15th February of the contract year |
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April Contract |
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16th December of the earlier year to 15th March of the contract year |
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May Contract |
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16th January to 15th April of the contract year |
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June Contract |
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16th February to 15th May of the contract year |
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July Contract |
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16th March to 15th June of the contract Year |
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August contract |
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16th April to 15th July of the contract year |
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September contract |
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16th May to 14th August of the contract year |
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October contract |
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16th June to 15th September of the contract year |
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November contract |
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16th July to 15th October of the contract year |
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December contract |
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16th August to 15th November of the contract year |
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| Trading |
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Trading Period |
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Monday through Saturdays |
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Trading Session |
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Monday to Friday:
1st session: 10.00 am to 5.00 pm
2nd session: 5. 30 pm to 8.00 pm
Saturdays:
10.00 am to 2.00 pm |
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Trading Unit |
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100 barrels |
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Quotation/Base Value |
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Rs. per barrel |
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Maximum Order Price |
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10,000 barrels |
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Tick Size (minimum price movement) |
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Re. 1 |
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Price Quote |
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Ex - Mumbai excluding all taxes and levies |
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Daily Price Limits |
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4% |
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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 sell sides in respect of outstanding position, which will remain in for 3 days, after which the special margin be relaxed. |
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Maximum Allowable Open Position |
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For individual clients: 100,000 MT
For a member collectively for all clients: 25 % of the open market position |
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| Delivery |
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Delivery Unit |
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50,000 barrels with +/- 2% tolerance limit |
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Delivery Center(s) |
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Port installation at Mumbai / JNPT port |
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Quality Specifications |
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Light Sweet Crude Oil confirming to the following quality specification is deliverable:
Sulfur 0.42% by weight or less,
API Gravity: Between 37 degree - 42 degree
All volumes are defined at 60 degree Fahrenheit
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Top |
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Delivery and Settlement Procedure of Rice |
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Tender & Delivery period |
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1st day to 20th day after last trading day |
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Buyer's & Seller's Intention |
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Last day of trading 3.00 p.m. |
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Matching of Buyer's & Seller's intention. |
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On the basis of intention received from the buyers and sellers, the Exchange will match the total quantity offered by the buyers and sellers and with respect to the matched quantity, the allocation of delivery between the buyers and sellers will be done. The unmatched quantity will be closed out as per the DDR and actual delivery will be effected only to the extent of matched quantity. |
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Tender Days |
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1st day after the last day of trading by 3:00 p.m. |
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Tender Notice by Seller |
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The Seller will issue tender notice along with evidence of delivery to the Exchange in a specified format. |
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Delivery Period Margin |
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There would be no Delivery period margin applicable on the open position. However, the buyers willing to take delivery would be required to deposit on 16th day of contract maturity month an amount equivalent to the quantity of delivery intended to be taken calculated as per the Due Date Rate, which will be notified after the market closing on the contract maturity date, provided that such delivery has been confirmed by the Exchange as per intention received from the seller. |
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DELIVERY LOGIC |
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BOTH OPTIONS. Delivery will be effected in case both seller and buyer agree. After giving intention, if any party fails to honour for the delivery marked quantity then a penalty of 3% shall be imposed, out of which 90% shall be passed on to the other party. |
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Dissemination of Information on Tendered Delivery on Trader Work Station. |
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Up to 7.00 p.m. on the designated tender day. |
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Exemption of Delivery Period Margin. |
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Delivery Period Margin is exempted if Goods tendered on designated tender days of the contract month along with all the documentary evidence. |
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Delivery Order |
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Along with tender notice, Crude delivery Order will be submitted in specified format-giving details of Members/Registered Non-Members who shall perform delivery.
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.
It will be accompanied with Storage / Shipping/ import/ export documents, Invoice and valid Quality Certificate as per Contract Specifications from Exchange designated Certifier 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. |
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Mode of Communication |
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Fax or Courier |
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Allocation of Delivery |
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After closing of the market on the last day of trading |
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Delivery Order Rate |
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At Due Date Rate |
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Pay-in (Funds) for Delivery. |
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By 12 noon on 1st working day after the last trading day. |
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Funds and Delivery Payout. |
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MCX shall pay the invoiced amount to the Member tendering delivery on completion of delivery and receipt of confirmation from the buyer to this effect. However, if the buyer fails to confirm or raise objection within 15days from the last trading day, then the Exchange will pass on the proceeds to the seller. The price of delivery is the Due date Rate notified by the Exchange. |
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Delivery Center |
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Mumbai |
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Close out of Open Positions and Penalty on defaulter |
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All outstanding positions on the expiry of contract where expression of interest for tendering delivery or receiving delivery has not been received and such positions where expression of intentions have been received but have not found the counter party for honouring the intentions, shall be closed out at Due Date Rate and respective pay-in and pay-out of Funds of such close out shall be effected on the following day of last day of trading by 1.00 p.m. |
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Legal Obligation |
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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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Duties, Cess & Levies |
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All other charges, levies or Cess, import or export duties applicable at the delivery center will be on account of sellers. Incase 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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Storage Charges, Insurance & Freight charges. |
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Standard CIF - Incoterm based procedure will apply.For importing Crude to make/ take the delivery, the delivery shall be made on CIF (Mumbai) basis at any pipeline or storage facility. Similarly for exporting Crude to make/ take the delivery it shall be made on CIF (Named port of destination) basis at any storage facility/ shipments etc. |
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Delivery Grades |
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The selling members tendering delivery will have the option of delivering such grades as per the contract specifications. The buyer has no option to select a particular grade and the delivery offered by the seller and allocation by the Exchange shall be binding on buyer. |
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Evidence of Stocks in Possession |
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At the time of issuing the Delivery order, the Member must satisfy MCX that he holds stocks of the quantity and quality specified in the Delivery Order at the declared delivery center by producing bank documents/ LC/ appropriate receipt. |
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Endorsement of Delivery Order |
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The buying member can endorse delivery order to a client or any third party with full disclosure given to MCX. Responsibility for contractual liability would be with the original assignee. |
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Extension of Delivery Period |
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As per Exchange decision due to a force majeure or otherwise |
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Due Date Rate |
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Due Date Rate is calculated on the last trading day of the contract on the basis of the spot market price of landed crude, ex-Mumbai, excluding all taxes and levies, as available for this variety from various market sources and converted at the Rupee - US Dollar rate prevailing on expiry. |
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Applicability of BusinessRules |
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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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