Description

NSE modifies expiry and maturity dates for various commodity derivative contracts including metals and precious metals, effective December 29, 2025.

Summary

NSE has revised the expiry date and maturity date for commodity derivative contracts across multiple instruments including base metals (Aluminium, Copper, Lead, Nickel, Zinc) and precious metals (Gold, Silver). The changes affect contracts with original expiry dates in March and April 2026, with most dates being advanced by one day. Trading members must upload the latest co_contract.gz file before trading commences on December 29, 2025.

Key Points

  • Revision of expiry and maturity dates for 19 commodity derivative contracts
  • Changes affect FUTBAS (base metals futures) and OPTBLN/OPTFUT (options) instruments
  • Most contracts originally scheduled for March 31, 2026 moved to March 30, 2026
  • Gold and Silver contracts also affected with 1-day advancement
  • Circular references previous notification NSE/COM/71784 dated December 15, 2025
  • Settlement schedule to be communicated separately by NSE Clearing Limited

Regulatory Changes

No new regulatory framework introduced. This circular implements operational changes to contract specifications for commodity derivatives trading on NSE’s Commodity Derivatives Segment.

Compliance Requirements

  • Trading members must download and upload the latest co_contract.gz file from NSE Extranet
  • File path: /comtftp/comtcommon
  • File update must be completed before trading begins on December 29, 2025
  • Members must adjust their systems to reflect the revised expiry and maturity dates

Important Dates

  • Circular Date: December 22, 2025
  • Effective Date: December 29, 2025
  • Revised Expiry Dates: Various dates in March-April 2026 (see details below)
    • Most base metals futures: March 30, 2026 (from March 31, 2026)
    • Gold/Gold 1G: April 2, 2026 (from April 3, 2026)
    • Silver options: April 29, 2026 (from April 30, 2026)
    • Copper options: March 23, 2026 (from March 24, 2026)
    • Gold options: March 26, 2026 (from March 27, 2026)
    • Silver options (OPTBLN): February 27, 2026 (from March 2, 2026)

Impact Assessment

Market Impact: Medium - Affects traders and investors holding positions in commodity derivatives with March-April 2026 expiry. The one-day advancement requires position adjustments and system updates.

Operational Impact: Trading members must ensure their systems are updated with the new contract specifications before December 29, 2025 to avoid trading disruptions.

Affected Instruments:

  • Base Metals: ALUMINI, ALUMINIUM, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI
  • Precious Metals: GOLD, GOLD1G, GOLDGUINEA, SILVER, SILVERM, SILVERMIC

Risk Considerations: Members holding open positions in affected contracts should monitor settlement schedules and adjust hedging strategies accordingly.

Impact Justification

Medium importance as it affects expiry dates for commodity derivatives requiring operational adjustments by trading members, but does not involve policy changes or significant market disruptions