Description

NSE Clearing Limited releases the settlement calendar for compulsory delivery of commodity futures contracts expiring in December 2025, covering precious metals and base metals.

Summary

NSE Clearing Limited has published the settlement calendar for compulsory delivery of commodity futures contracts expiring in December 2025. The circular covers delivery schedules for precious metals (Silver, Gold variants) and base metals (Aluminium, Copper, Lead, Nickel, Zinc) under the Immediate Settlement (IMS) T+1 delivery mode. The calendar details delivery intention periods, marking dates, pay-in/pay-out schedules, and settlement numbers for contracts expiring between November 25-28, 2025 and December 2-5, 2025.

Key Points

  • Settlement type: IMS (Immediate Settlement) with T+1 delivery mode for all covered commodities
  • Precious metals covered: SILVER, GOLDM, GOLD, GOLD1G, SILVERM, SILVERMIC, GOLDGUINEA
  • Base metals covered: ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI
  • Two delivery logic types: Additional Delivery Centre and Primary Delivery Centre
  • Delivery intention windows: 6:00 PM - 9:00 PM for additional centres; 10:00 AM - 9:00 PM for primary centres
  • Circular reference: NCL/COM/71290, Circular No. 0362/2025

Regulatory Changes

No regulatory changes introduced. This is a routine operational calendar publication for the upcoming settlement period.

Compliance Requirements

  • Members with open positions in December 2025 expiry commodity futures must adhere to the published delivery intention timelines
  • Delivery marking must be completed within specified time windows based on delivery centre type
  • Pay-in of commodities and funds must occur on scheduled dates
  • Charges for weight differential, premium/discount, settlement dues, and making charges will apply
  • Penalties will be levied for non-delivery as per exchange norms

Important Dates

Additional Delivery Centre Schedule:

  • November 25-28, 2025 & December 1-5, 2025: Delivery intention windows (6:00 PM - 9:00 PM daily)
  • Expiry dates: November 28, 2025 and December 5, 2025
  • Settlement numbers: 251125 through 251205

Primary Delivery Centre Schedule:

  • November 26-28, 2025 & December 3-5, 2025: Delivery intention windows (10:00 AM - 9:00 PM)
  • Expiry dates: November 28, 2025 and December 5, 2025
  • Silver contract special settlement: December 2, 2025 expiry with December 8, 2025 pay-in/pay-out

Impact Assessment

Market Impact: Medium - affects participants holding positions in December 2025 expiry commodity futures contracts across precious and base metals segments.

Operational Impact: Members must ensure adequate arrangements for physical delivery or square-off positions before delivery intention deadlines. The staggered schedule across multiple dates provides operational flexibility but requires careful tracking of settlement numbers and timelines for different contract types and delivery centres.

Impact Justification

Operational circular providing settlement schedule for commodity derivatives. Important for participants with positions in December 2025 expiry contracts but is routine calendar information rather than policy change.