Description

NSE Clearing Limited notifies the settlement calendar for compulsory delivery of commodity derivatives futures contracts for January 2026, covering gold, silver, and base metals.

Summary

NSE Clearing Limited has issued the settlement calendar for compulsory delivery of commodity derivatives futures contracts for January 2026. The circular specifies delivery schedules, timings, and procedures for various commodity contracts including precious metals (gold, silver, gold guinea) and base metals (aluminium, copper, lead, nickel, zinc) with expiry dates between December 26, 2025, and January 5, 2026. The settlement follows T+1 delivery mode under the Intended Market Settlement (IMS) system.

Key Points

  • Settlement calendar covers January 2026 for commodity futures contracts with compulsory delivery
  • Applies to GOLDM, GOLD, GOLD1G, SILVERM, SILVERMIC, GOLDGUINEA contracts
  • Includes base metals: ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI
  • Two delivery logic types: Additional Delivery Centre and Primary Delivery Centre
  • All settlements follow T+1 (Trade Plus One Day) delivery mode
  • Expiry dates range from December 26, 2025, to January 5, 2026
  • Delivery intention marking windows: 6:00 PM - 9:00 PM for additional centres, 10:00 AM - 9:00 PM for primary centres
  • Settlement includes charges for weight differential, premium/discount, making charges, and penalties for non-delivery

Regulatory Changes

No new regulatory changes introduced. This is a routine operational calendar notification specifying delivery schedules for existing compulsory delivery framework.

Compliance Requirements

  • Members with open positions in specified commodity contracts must mark delivery intentions within specified time windows
  • Delivery pay-in of commodities must be completed on scheduled dates
  • Pay-in of funds required as per settlement schedule
  • Participants must comply with weight differential, premium/discount, and making charges
  • Non-delivery penalties will be applied (debit/credit) for non-compliance
  • Settlement numbers must be referenced: 251226, 251229, 251230, 251231, 260101, 260102, 260105

Important Dates

Gold Contracts (Additional Delivery Centre)

  • Expiry dates: December 26, 29, 30, 31, 2025; January 1, 2, 2026
  • Delivery intention marking: Same day as expiry, 6:00 PM - 9:00 PM
  • Delivery marking: Same day as expiry
  • Delivery pay-in: 3 days after expiry
  • Pay-out: 4-6 days after expiry

Gold, Silver, Gold Guinea (Primary Delivery Centre)

  • Expiry dates: December 29, 30, 31, 2025
  • Delivery intention marking: Same day as expiry, 10:00 AM - 9:00 PM
  • Delivery pay-in: January 1, 2, 5, 2026 respectively
  • Pay-out: January 2, 5, 6, 2026 respectively

Base Metals

  • Expiry dates: December 29, 30, 2025; January 5, 2026
  • Delivery intention marking: Same day as expiry, 10:00 AM - 9:00 PM
  • Final pay-out: January 2, 5, 6, 2026 respectively

Circular Reference

  • Circular Ref. No: 0393/2025
  • Download Ref No: NCL/COM/71802
  • Date of Issue: December 15, 2025

Impact Assessment

Market Impact: Medium - This operational calendar affects participants holding open positions in commodity derivatives contracts expiring in late December 2025 and early January 2026. The compulsory delivery mechanism requires physical settlement which impacts liquidity and position management strategies.

Operational Impact: Medium - Members must ensure adequate arrangements for physical delivery of commodities and funds. The year-end timing (December 26-31) and New Year period (January 1-2) may require additional operational coordination.

Compliance Impact: Medium - Strict adherence to delivery intention marking windows and settlement timelines is mandatory. Non-compliance attracts penalties. The T+1 settlement cycle requires efficient back-office operations.

Contact Information: Members can reach NSE Clearing Limited at toll-free number 1800 266 0057 or email DL-NSCCL-COMM-CNS@nsccl.co.in for queries regarding the settlement calendar.

Impact Justification

Operational circular providing settlement calendar for commodity derivatives with compulsory delivery obligations. Important for participants with open positions in specified contracts but routine administrative notification.