- Trading Screen Product Name
- Newcastle Coal Futures
- Trading Screen Hub Name
- Trading Period
Up to 84 consecutive month contracts.
25-28 consecutive quarters.
Quarters are strips of three individual and consecutive contract
months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul-
Sep or Oct-Dec.
6 consecutive years.
Years are strips of twelve individual and consecutive contract
months comprising Jan - Dec.
Months, quarters, seasons, and calendars are listed in parallel.
Upon expiry of a December monthly contract an additional 12 months,
four quarters, and one calendar year are added.
- Expiration Date
Trading will cease at 12:00 LLT on the last Friday of the delivery
month, quarter, or calendar.
- Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby
guaranteeing the financial performance of ICE Futures Europe
contracts registered in the name of its Members up to and including
delivery, exercise and/or settlement.
- Trading Model
Continuous trading throughout trading hours
- Trading Methods
Electronic futures, Exchange for Physical (EFP), Exchange for Swap
(EFS) and Block Trades are available for this contract.
- Unit of Trading
1,000 metric tonnes of thermal coal
- Contract Size
1,000 metric tonnes per contract month
- Minimum Trading Size
1 lot = 1,000 metric tonnes
- Minimum Block Order
5 lots = 5,000 metric tonnes
The contract price is in US Dollars and in US Dollar Cents per
- Minimum Price Fluctuation
5 Dollar Cents per tonne
- Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
- Maximum Price Fluctuation
There are no limits.
- Settlement Price
The weighted average price of trades during a ten-minute settlement
period from 16:50:00 to 17:00:00, London Local Time. If there is
low liquidity during this time, Quoted Settlement Prices (QSPs)
will be used to establish the settlement price.
- Position Limit
Positions are reported to the Exchange on a daily basis. The
Exchange has powers to prevent the development of excessive
positions or unwarranted speculation or any other undesirable
situation and may take steps to resolve such situations including
the ability to mandate members to limit the size of such positions
or to reduce positions where appropriate.
- Initial Margin
Calculated on all open contracts, initial margin is a deposit held
by ICE Clear Europe in order to cover the costs that may be
incurred in closing out a position in default. It is returned upon
the closing of the position, or at expiry, with interest.
- Daily Margin
All open contracts are 'marked-to-market' daily, with variation
margin being called for as appropriate.
- Delivery/Settlement Terms
The ICE Newcastle Coal Futures Contract is cash-settled at an
amount equal to the monthly average global COAL Newcastle Index.
The full methodology for calculation of the index is available at
- Other Information
The globalCOAL Monthly Newcastle Index is the average of each
Weekly Newcastle Index as calculated on each Friday falling in that
calendar month. The Weekly Newcastle Index is the weighted average
of two elements: (1) The weighted average price of transactions.
(2) An average of bids and offers. The full methodology for
calculation of the Index is available at www.globalcoal.com
- Commodity Code
- MIC Code
- Clearing Venues