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Bhavik Mehta (Cotton Specification)
Bhavik Mehta (Cotton Specification)
Bhavik Mehta (Cotton Specification)
Introduction
National Spot Exchange (NSEL) has launched compulsory delivery based
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Physical Market operation from Buyers side for ready delivery contracts
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Contract
Daily contract Buying and selling on intra day basis will be permitted, but all positions outstanding at end of trading session on the same day must result into compulsory delivery. Mondays through Saturdays except holidays specified in advance Monday to Friday: Saturday: 10.00 a.m. to 6.00 p.m. 10.00 a.m. to 2.00 p.m.
Trading
Trading unit Quotation/Base Value Tick size (minimum price movement) 100 Bales Rs. Per Candy Rs. 10
3%
Ex Warehouse, Yeotmal (out side Octroi Limits within 50 kms Radius) excluding VAT/ CST and any other Additional Tax or Surcharge on Sales Tax and Local Taxes. 5% 1200 Bales
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Cont
Delivery
Delivery unit Delivery center(s) Tender and Delivery Period Delivery Logic 100 Bales and direct multiples thereof. Exchange designated warehouse at Mumbai. Nine working days from the contract trading day. Compulsory. Net positions at close of the trading session must be delivered on the designated tender days. Roller Ginned Cotton Only Saw Ginned Cotton will be rejected. Min 28.5 mm 3.5 to 4.9 28 gpt 3.0 % Maximum Not above 31-5 Max 8.5 % All bales of the lot should be in good condition should be free from oil / ink stains penetrating the bale or damaged in any other way.
Quality specifications on Physical Inspection and HVI Mode Ginning Pattern Staple Length Micronaire Strength Trash% Color- Grade Moisture Physical Condition Of Bales
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Cont
Packing Material
Should be in cloth packing only. Cloth material used should be of good quality(50*11Oz). It should also be strapped either with Plastic (PP) straps or with Iron hoops of good quality / condition (not rusted) The bales should be well packed - from all six sides - should be in export worthy conditions. Not more then 5 bales should be pre- opened (either for sampling or for any reasons). If any bale is pre- opened, then it must have been well re- packed so that it is not in burst condition. Bales should be of approx. 48 x 18 X 18 dimensions .Total weight of the lot (100 bls/lot) should be 17000kgs (+/- 5 %) where in individual bales should not be weighing less then 160 kgs or not more then 175 kgs All markings such as name of the Producer/ Ginner / seller, if any; name of the Variety, if any; Lot no., if any; press Running Nos. in continuation for all 100 bales. The P.R. Nos. in continuation only will be considered as one lot. Every bale of the lot has to have its serial no. starting from 1 to 100 and the Press running nos. in sequence; Press marks, if any; Cotton Season all identification marks - Marking should be put on cloth / Paper labels, No plastic material should be used for labels, if markings are stenciled with ink on surface of the bale, then the ink used for such markings should not have damaged the Cotton inside the bale. No premium / discount for any variation in quality specification.
Premium / discount
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Delivery pay-in [Commodity] Regular Auction Delivery pay-in [Commodity] against Auction, if any Delivery pay-out [Commodity] Regular
T+9 By 01.00 PM
T+1(11.00AM) T+8(01.00 PM) T+9(12.00 noon) T+1(12.00 noon) T+8 (5.30 PM) T+9 (03:00 PM) Delivery will be from Exchange designated warehouse at various centers across Maharashtra & Mumbai.
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Cont
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Details of Exchange Designated Warehouses and Approved Quality Assayer with Charges.
Name of the Warehouse WH address Warehouses of CWC & MSWC situated in Yeotmal Detailed address will be intimated separately
Contact Person
E-mail
Storage charges*
Quality Certificate Agency Delivery Charges
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Participation in the Buying in/Selling out Auction The members who desires to participate in buy-in and/or sell-out auction must have certified quality stocks in the Exchange approved Warehouse and/or the funds in their settlement accounts.
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Cont
Acceptance of Bids Bids will be accepted within the range of 10% of the closing price of the trading day. prior to the date of auction. Auction on NET basis
In case there is a simultaneous default by seller and buyer, then the Exchange will conduct the Buying in/Selling out Auction for the net quantity.
Auction Price
Auction price is computed at be the weighted average price of all the bids accepted for the contract.
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Day
T+1 T+1
Pay-in
Up to 11.00 am Up to 12.00 pm
Pay-out
At 1.00 pm At 3.00 pm
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Cont
Can develop more markets and customers as back hand is completely taken care by the systems.
Can avail the readily available warehousing facility at minimal cost for short term warehousing needs. Can avail 70 % finance facility against warehousing receipts at most competitive rates.
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Advantage to Suppliers
Ensures best / optimum prices for their produce
No weight loss / shortages at Buyers end. Third Party Quality inspection ensures unbiased quality evaluations. No fraudulent claims against market fluctuations between the deal and the time material reaches for approval of quality or once dispatched and before getting payment.
No unknown deductions from the value of goods on any account. Minimum overhead expenses for selling the produce.
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Cont
Saves administrative expenses - sampling loss / courier expenses of samples to diff brokers / buyers / no bank charges for receiving payments / reduced manpower / reduced banking transactions as payments received in full and final.
Can avail warehousing facility for short term needs at minimal costs and also avail 70 % financing at least rate of interest against warehousing receipts issued by Exchange.
Gives you freedom to work on your strength of sourcing seed cotton at cheapest price and concentrating on improving the process of ginning to get the best cotton produced from your factories. The marketing side is taken
care by Exchange ensuring you get the best price for your produce with 100
% payments guaranteed on time
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Exchange.
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Against hedging on futures market buying on NSEL platform and storing at NSEL accredited warehouse ensures any profits /loss accrued will be considered as a business profits / loss and not the speculative profit / loss.
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Thank You
National Spot Exchange Limited 102A, Landmark, Suren Road, Chakala, Andheri (East) Mumbai - 400093. Tel: +91-22-67619900 Fax: +91-22-67619031 E-mail: info@nationalspotexchange.com
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