NCDEX modifies chana contract

MUMBAI: The National Commodity & Derivatives Exchange (NCDEX) has modified chana contracts expring on May 2007 and thereafter. The contracts, to be launched on December 11, 2006, have been broadbased to facilitate more deliveries.

For contracts expiring prior to May 2007, Rajasthan and MP desi are deliverable in Delhi, Rajasthan is deliverable in Bikaner and MP Kantawalla is deliverable in Indore.

Furthermore, foreign matter of 1% maximum content allowed in previous contracts has been increased to 2% from May 2007 onwards and a varietal admixture has been raised to 3% from 1% earlier.

This means where earlier only 1% Kantawalla chana could be mixed with desi variety, now 3% mixture will be permissible. Up to 2% foreign matter, for every 1% increase there will be a discount of 1%.