Description

NSE Clearing Limited notifies the compulsory delivery settlement calendar for the Commodity Derivatives Segment for May 2026, covering futures and options contracts for gold, silver, and base metals.

Summary

NSE Clearing Limited (NCL) has issued the compulsory delivery settlement calendar for the Commodity Derivatives Segment for May 2026 (Circular Ref. No: 0135/2026). The calendar covers both futures and options contracts across precious metals (gold and silver) and base metals (aluminium, copper, lead, nickel, zinc), outlining key dates for delivery intention, delivery marking, pay-in/pay-out of commodities and funds, and penalty timelines.

Key Points

  • Settlement type is T+1 (IMS - Immediate Settlement) for all covered contracts
  • Precious metals covered: GOLDM, GOLD1G, GOLD, SILVER, SILVERM, SILVERMIC, GOLDGUINEA, GOLD10G
  • Base metals covered: ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI
  • Delivery intention window: 10:00 AM to 9:00 PM on respective delivery intention dates
  • Settlement numbers follow the format YYMMDD (e.g., 260501 for May 1, 2026)
  • Options contracts for SILVER also follow compulsory delivery logic with T+1 settlement

Regulatory Changes

No new regulatory changes introduced. This circular is a routine operational notification of the scheduled settlement calendar for May 2026 under the existing compulsory delivery framework for commodity derivatives.

Compliance Requirements

  • All members of NSE Clearing Limited in the Commodity Derivatives Segment must adhere to the published settlement calendar for May 2026
  • Members must ensure timely delivery pay-in of commodities and funds as per the scheduled dates
  • Non-delivery will attract penalty charges (Dr/Cr) as per the settlement schedule
  • Charges for weight differential, premium/discount, settlement dues, and making charges apply as scheduled

Important Dates

Precious Metals (GOLDM, GOLD1G, GOLD, SILVER) - Expiry May 5, 2026:

  • Delivery Intention: May 1, May 4, May 5, 2026 (10:00 AM – 9:00 PM)
  • Settlement Nos: 260501, 260504, 260505
  • Delivery Pay-in of Commodities: May 1, May 4, May 6, 2026

Precious Metals (SILVERM, SILVERMIC, GOLDGUINEA, GOLD10G) - Expiry April 30, 2026:

  • Delivery Intention: April 28, 29, 30, 2026 (10:00 AM – 9:00 PM)
  • Settlement Nos: 260428, 260429, 260430
  • Delivery Pay-in of Commodities: April 28, 29, May 4, 2026

Base Metals (ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI):

  • Delivery Intention: April 28, 29, 30 and May 4, 2026 (10:00 AM – 9:00 PM)
  • Settlement Nos: 260428, 260429, 260430
  • Delivery Pay-out of Commodities: May 5, 6, 7, 2026

SILVER Options - Expiry April 29, 2026:

  • Settlement No: 260505
  • Delivery Pay-in/Pay-out of Funds: May 6, 2026
  • Delivery Pay-out of Commodities: May 11, 2026

Impact Assessment

This is a routine operational circular with medium impact on commodity derivatives market participants. Members and traders in gold, silver, and base metals futures and options must plan their delivery obligations in accordance with the published schedule. The T+1 settlement structure applies across all contracts, and participants should note the specific pay-in and pay-out windows to avoid penalties for non-delivery. No broader market or systemic impact is anticipated.

Impact Justification

Routine operational circular notifying settlement schedules for commodity derivatives. Relevant to commodity market participants for delivery planning but does not introduce new regulations or policy changes.