 "NCDEX closes chana futures")
Following advice from the Securities and Exchange Board of India (Sebi), the commodity exchange National Commodity and Derivatives Exchange (NCDEX) has closed all chana futures contracts with immediate effect.
Chana futures were suspended earlier and existing contracts were allowed only to square off open positions. However, August open positions falling to 1030 tons and September only 240 tons, chana contracts has been now closed. Chana futures today closed at Rs 81 while spot prices were around that only, as per NCDEX polled price.
NCDEX in a circular said, the sellers who have stocks and intending to give delivery will be allowed to do so. Delivery settlement will be as per revised calendar which will be announced later. The remaining outstanding positions at the close of trading day on July 27, 2016 will be closed out at the volume weighted average of futures price of August 2016 chana contract traded on July 27, 2016 which was is Rs 8,055 per quintal.
Chana futures were suspended earlier and existing contracts were allowed only to square off open positions. However, August open positions falling to 1030 tons and September only 240 tons, chana contracts has been now closed. Chana futures today closed at Rs 81 while spot prices were around that only, as per NCDEX polled price.
NCDEX in a circular said, the sellers who have stocks and intending to give delivery will be allowed to do so. Delivery settlement will be as per revised calendar which will be announced later. The remaining outstanding positions at the close of trading day on July 27, 2016 will be closed out at the volume weighted average of futures price of August 2016 chana contract traded on July 27, 2016 which was is Rs 8,055 per quintal.