Description

NSE Clearing Limited notifies the settlement calendar for compulsory delivery of commodity derivatives futures contracts for February 2026, covering GOLDM, GOLD, SILVERM, SILVERMIC, GOLDGUINEA, and base metals.

Summary

NSE Clearing Limited has published the settlement calendar for compulsory delivery of commodity derivatives futures contracts for February 2026. The circular provides detailed timelines for delivery intentions, marking, pay-in/pay-out of commodities and funds across multiple commodities including precious metals (GOLDM, GOLD, GOLD1G, SILVERM, SILVERMIC, GOLDGUINEA) and base metals (ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI). Settlement follows T+1 mode with Intention Matching System (IMS) delivery logic for both primary and additional delivery centres.

Key Points

  • Settlement calendar covers February 2026 compulsory delivery schedule for commodity futures
  • Applies to precious metals: GOLDM, GOLD, GOLD1G, SILVERM, SILVERMIC, GOLDGUINEA
  • Applies to base metals: ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI
  • Settlement type: T+1 with Intention Matching System (IMS)
  • Two delivery logic categories: Compulsory Delivery (Additional Delivery Centre) and Compulsory Delivery (Primary Delivery Centre)
  • Expiry dates range from January 27-30, 2026 to January 30, 2026 depending on contract type
  • Delivery intention marking windows vary by commodity and delivery centre type

Regulatory Changes

No regulatory changes. This is a routine operational calendar notification for the upcoming month’s settlement schedule.

Compliance Requirements

  • Members with open positions in expiring commodity futures contracts must submit delivery intentions during specified windows
  • Gold contracts (Additional Delivery Centre): Delivery intention window 6:00 PM - 9:00 PM on respective dates (Jan 27-Feb 4, 2026)
  • Gold contracts (Primary Delivery Centre): Delivery intention window 10:00 AM - 9:00 PM on Jan 28-30, 2026
  • Silver and Gold Guinea contracts: Delivery intention window 10:00 AM - 9:00 PM on Feb 3-5, 2026
  • Base metals contracts: Delivery intention window 10:00 AM - 9:00 PM on Jan 28-30, 2026
  • Members must comply with pay-in of commodities and funds as per scheduled dates
  • Penalties applicable for non-delivery as per exchange rules

Important Dates

GOLDM (Additional Delivery Centre) - Expiry: Feb 5, 2026

  • Delivery intentions: Jan 27-Feb 4, 2026 (6:00 PM - 9:00 PM)
  • Delivery marking: Jan 27-Feb 4, 2026
  • Pay-in of commodities: Jan 28-Feb 5, 2026
  • Pay-out: Feb 2-10, 2026

GOLDM, GOLD1G, GOLD (Primary Delivery Centre) - Expiry: Jan 30, 2026

  • Delivery intentions: Jan 28-30, 2026 (10:00 AM - 9:00 PM)
  • Delivery marking: Jan 28-30, 2026
  • Pay-in of commodities: Jan 29-Feb 2, 2026
  • Pay-out: Feb 3-5, 2026

SILVERM, SILVERMIC, GOLDGUINEA - Expiry: Jan 30, 2026

  • Delivery intentions: Feb 3-5, 2026 (10:00 AM - 9:00 PM)
  • Delivery marking: Jan 28-30, 2026
  • Pay-in of commodities: Jan 29-Feb 2, 2026
  • Pay-out: Feb 3-5, 2026

Base Metals (ALUMINIUM, COPPER, LEAD, NICKEL, ZINC and mini variants) - Expiry: Jan 30, 2026

  • Delivery intentions: Jan 28-30, 2026 (10:00 AM - 9:00 PM)
  • Delivery marking: Jan 28-30, 2026
  • Pay-in of commodities: Jan 29-Feb 2, 2026
  • Pay-out: Feb 3-5, 2026

Impact Assessment

Operational Impact: Medium - affects members with delivery obligations in commodity futures contracts. Requires timely submission of delivery intentions and arrangement of physical commodities/funds.

Market Impact: Low - routine monthly settlement schedule with no changes to existing delivery mechanisms or timelines.

Trader Impact: Medium for those holding positions into expiry - must plan for physical delivery or square off positions before expiry. Gold contracts with additional delivery centres have extended delivery windows (Jan 27-Feb 4) compared to primary delivery centre contracts.

Compliance Impact: Low - standard operational compliance required for delivery settlement process. Members familiar with existing T+1 IMS settlement procedures.

Impact Justification

Routine monthly settlement calendar for commodity derivatives with compulsory delivery. Medium impact for traders with delivery obligations in gold, silver, and base metals futures. No new policy changes.