National Commodity & Derivatives Exchange Limited has launched trading in Thermal Coal Futures contract. The Thermal Coal Futures contract will be an addition to its energy products offered for trading.

Mr Padmesh D Gupta chairman of Gupta Corporation Limited, while inaugurating the NCDEX Coal Futures contracts appreciated the initiative taken by NCDEX to develop the transparent pricing platform for Coal and hopes that the contract would serve as an effective benchmark for coal pricing and trends. He also hopes that these contracts would serve as an effective hedging tool for the coal sector value chain participants.

He said that the unit of trading for Thermal Coal shall be 100 tonnes. The unit of price quotation will be in Rupees per tonne basis -Ex-Warehouse Nagpur, exclusive of sales tax and local levies. Deliveries will be offered and accepted in lots of 100 MT or multiples thereof.

It added that initially contracts expiring on October 31st 2008, November 28th 2008 and December 31st 2008 will be available for trading on September 10th 2008.

With the launch of Thermal Coal Futures contract, NCDEX will now offer 57 different commodities for trading. The commodities offered for trade are in agriculture, bullion, energy, metals (Ferrous and non Ferrous metals), environment and plastics.