Input following data in "Input Data" Sheet:

Futures Price
Spot Price (NCDEX Quality at Basis Centre)
Date of taking position
Expiry Date of that particular contract
Applicable Margin of that particular contract
Agent's Commission (if applicable)
Transportation & Handling cost (as applicable)

Notes & Assumptions

A case of taking fresh position, the participant do not have any demat stock of the commodity
Demat one time charges for minimum lot whatever is the period for which position is taken,it is not apportioned
Assaying charges applicable for mininmum lot, say Rs.500 for 50 MT then for 10 MT Rs 500 is taken into acoun
Warehouse charges are average of all the accredited warehouse (of basis centre) charges for that commodity
Assaying Charges are average of assaying charges charged by accredited warehouses for that commodity
Demat charges include R&T charges
Assuming that spot and future converge on expiry date
Assuming that brokerage charged is higher than transaction charge at Rs. 400 per lakh.
In case the commodity is already in demat, the returns will be higher
Assuming that rate of interest is 12%per annum
Margin includes initial plus exposure margin (Evening)
Closing futures price for the day and last spot price for basis centre is taken here
Interest cost is taken into account for the value of one lot in spot and margin for taking futures position.
Standard deduction included in the cost.

RESULT
Positive returns implies that buy in spot, sell in futures

Disclaimer: The Arbitrage model has been prepared for information purpose only.
NCDEX is not responsible for consequences of any trading decisions taken based on the calculations
s taken,it is not apportioned.
Rs 500 is taken into acount
arges for that commodity
es for that commodity

ing futures position.

ased on the calculations exhibited here.

CASH & CARRY ARBITRAGE RETURNS SHEET

First Month Guar Seed Guar Gum Wheat Chana

Futures price 4465 13700 1095.6 3407

Spot price basis centre 4612.85 14342.1 1181.6 3500
Date of taking position 11/1/2011 11/1/2011 11/1/2011 11/1/2011
Expiry Date 11/18/2011 11/18/2011 11/18/2011 11/18/2011
Daily Margin 7.54% 7.96% 5.27% 7.48%
Commission Agent (Rs/qtl)
Transportation & HandlingCost
(Rs/qtl)
RETURN (%) -5.19% -6.08% -9.45% -4.23%

Second Month
Futures price 4417
Spot price basis centre 4612.85
Date of taking position 11/1/2011
Expiry Date 12/20/2011
Daily Margin 7.67%
Commission Agent (Rs/qtl)
Transportation & HandlingCost
(Rs/qtl)
RETURN (%) -6.77% 0.00% 0.00% 0.00%

Third Month
Futures price 4504
Spot price basis centre 4612.85
Date of taking position 11/1/2011
Expiry Date 1/20/2012
Daily Margin 7.58%
Commission Agent (Rs/qtl)
Transportation & HandlingCost
(Rs/qtl)
RETURN (%) -6.05% 0.00% 0.00% 0.00%
 Cotton Seed
Barley Maize Potato RM seed Soybean
Cake
1103 1091 629 3030 2166 1212
1150 1049.25 630.4 3067.65 2178 1576.5
11/1/2011 11/1/2011 11/1/2011 11/1/2011 11/1/2011 11/1/2011
11/18/2011 11/18/2011 11/18/2011 11/18/2011 11/18/2011 11/18/2011
8.60% 5.73% 5.00% 5.24% 6.07% 7.74%
4

11
-6.63% 0.63% -2.73% -2.86% -2.62% -25.57%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Castor Seed Jeera Chilli Dhaniya Pepper Turmeric

4350 14309 8440 5123 34270 5050

4223.25 14826.65 8688.4 5008.35 34600 5685
11/1/2011 11/1/2011 11/1/2011 11/1/2011 11/1/2011 11/1/2011
11/18/2011 11/18/2011 11/18/2011 11/18/2011 11/18/2011 11/18/2011
6.20% 6.82% 5.00% 6.39% 6.09% 13.05%

1.48% -4.98% -5.01% 0.60% -2.54% -13.56%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

 Sugar

2757
2824.15
11/1/2011
11/18/2011
5.00%

-4.06%

0.00%

0.00%
 Cash & Carry Returns
5.00%

0.00%

-5.00%

-10.00%

-15.00%

-20.00%

-25.00%

-30.00%
at i r ic r
ed um an
a ey ze to ed ea
n
ak
e
ee
d
er
a i ll y a
pe er ga
Se G he h arl ai o ta se b C S Je Ch a ni p u
r r W C B M P y Pe rm S
ua ua RM So ed or D
h
Tu
G G Se ast
C
on
ott
C

First Month Second Month Third Month

 First Month Second Month Third Month
Guar Seed -5.19% -6.77% -6.05%
Guar Gum -6.08% 0.00% 0.00%
Wheat -9.45% 0.00% 0.00%
Chana -4.23% 0.00% 0.00%
Barley -6.63% 0.00% 0.00%
Maize 0.63% 0.00% 0.00%
Potato -2.73% 0.00% 0.00%
RM seed -2.86% 0.00% 0.00%
Soybean -2.62% 0.00% 0.00%
Cotton Seed Cake -25.57% 0.00% 0.00%
Castor Seed 1.48% 0.00% 0.00%
Jeera -4.98% 0.00% 0.00%
Chilli -5.01% 0.00% 0.00%
Dhaniya 0.60% 0.00% 0.00%
Pepper -2.54% 0.00% 0.00%
Turmeric -13.56% 0.00% 0.00%
Sugar -4.06% 0.00% 0.00%
 Commodities in decreasing order of their returns
First Month Second Month
Castor Seed 1.48% Soybean 0.00%
Maize 0.63% RM seed 0.00%
Dhaniya 0.60% Potato 0.00%
Pepper -2.54% Maize 0.00%
Soybean -2.62% Barley 0.00%
Potato -2.73% Chana 0.00%
RM seed -2.86% Wheat 0.00%
Sugar -4.06% Guar Gum 0.00%
Chana -4.23% Sugar 0.00%
Jeera -4.98% Turmeric 0.00%
Chilli -5.01% Pepper 0.00%
Guar Seed -5.19% Dhaniya 0.00%
Guar Gum -6.08% Chilli 0.00%
Barley -6.63% Jeera 0.00%
Wheat -9.45% Castor Seed 0.00%
Turmeric -13.56% Cotton Seed Cake 0.00%
Cotton Seed Cake -25.57% Guar Seed -6.77%
f their returns
Third Month
Soybean 0.00%
RM seed 0.00%
Potato 0.00%
Maize 0.00%
Barley 0.00%
Chana 0.00%
Wheat 0.00%
Guar Gum 0.00%
Sugar 0.00%
Turmeric 0.00%
Pepper 0.00%
Dhaniya 0.00%
Chilli 0.00%
Jeera 0.00%
Castor Seed 0.00%
Cotton Seed Cake 0.00%
Guar Seed -6.05%
 First Month Returns
5.00%
%
48 % %
1. 63 60
0. 0.
0.00%

4 % % % %
2 3 6
-5.00% .5 .6 .7 .8
-2 -2 -2 -2 6 %
3 %
.0 .2 8 % 1 % %
-4 -4 .9 .0 .1
9 %
-4 -5 -5 .0
8
3 %
-6 .6
-10.00% -6
5 %
.4
-9

-15.00% %
56
3.
-1

-20.00%

-25.00%
%
57
2 5.
-
-30.00%
Castor Maize Dhaniy Pepper Soybea Potato RM Sugar Chana Jeera Chilli Guar Guar Barley Wheat Turmer Cotton
Seed a n seed Seed Gum ic Seed
Cake

First Month
 Second Month Returns
1.00%

%
%

%
00

00

00

00

00

00

00

00

00

00

00

00
00

00

00

00
0.

0.

0.

0.
0.

0.

0.

0.

0.

0.

0.

0.

0.

0.

0.

0.
0.00%

-1.00%

-2.00%

-3.00%

-4.00%

-5.00%

-6.00%

-7.00%

7%
.7
-6
-8.00%
t i
n d to z e ey na ea um ar ri
c er ya i ll er
a ed ke ed
ea ee ta ai rl a h ug e pp ni Ch Se Ca Se
b s o M Ba
h G a Je
y P C W r S rm Pe h r
ed
r
So RM ua Tu D
s to e ua
G S G
Ca
ton
t
Co

Second Month
 Third Month Returns
1.00%
% % % % % % % % % % % % % % % %
. 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00 . 00
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0.00%

-1.00%

-2.00%

-3.00%

-4.00%

-5.00%

-6.00%
%
. 05
-7.00% -6
t i
n d to z e ey na ea um ar ri
c er ya i ll er
a ed ke ed
ea ee ta ai rl a h ug e pp ni Ch Se Ca Se
b s o M Ba
h G a Je
y P C W r S rm Pe h r
ed
r
So RM ua Tu D
s to e ua
G S G
Ca
ton
t
Co

Third Month
CASH AND CARRY ARBITRAGE
A case of taking fresh position, the participant do not have any demat stock of the commodity

First Month

Spot prices Value of one Date of

Value of one lot Expiry
Commodity Futures price basis lot in spot taking
of futures Date
Centre market position

Guar Seed 4465 446500 4612.85 461285 11/1/2011 11/18/2011

Guar Gum 13700 685000 14342.1 717105 11/1/2011 11/18/2011
Wheat 1095.6 109560 1181.6 118160 11/1/2011 11/18/2011
Chana 3407 340700 3500 350000 11/1/2011 11/18/2011
Barley 1103 110300 1150 115000 11/1/2011 11/18/2011
Maize 1091 109100 1049.25 104925 11/1/2011 11/18/2011
Potato 629 94350 630.4 94560 11/1/2011 11/18/2011
RM seed 3030 303000 3067.65 306765 11/1/2011 11/18/2011
Soybean 2166 216600 2178 217800 11/1/2011 11/18/2011
Cotton Seed Cak 1212 121200 1576.5 157650 11/1/2011 11/18/2011
Castor Seed 4350 435000 4223.25 422325 11/1/2011 11/18/2011
Jeera 14309 429270 14826.65 444799.5 11/1/2011 11/18/2011
Chilli 8440 422000 8688.4 434420 11/1/2011 11/18/2011
Dhaniya 5123 512300 5008.35 500835 11/1/2011 11/18/2011
Pepper 34270 342700 34600 346000 11/1/2011 11/18/2011
Turmeric 5050 252500 5685 284250 11/1/2011 11/18/2011
Sugar 2757 275700 2824.15 282415 11/1/2011 11/18/2011

Second month
Guar Seed 4417 441700 4612.85 461285 11/1/2011 12/20/2011
Guar Gum 0 0 0 0 12/30/1899 12/30/1899
Wheat 0 0 0 0 12/30/1899 12/30/1899
Chana 0 0 0 0 12/30/1899 12/30/1899
Barley 0 0 0 0 12/30/1899 12/30/1899
Maize 0 0 0 0 12/30/1899 12/30/1899
Potato 0 0 0 0 12/30/1899 12/30/1899
RM seed 0 0 0 0 12/30/1899 12/30/1899
Soybean 0 0 0 0 12/30/1899 12/30/1899
Cotton Seed Cak 0 0 0 0 12/30/1899 12/30/1899
Castor Seed 0 0 0 0 12/30/1899 12/30/1899
Jeera 0 0 0 0 12/30/1899 12/30/1899
Chilli 0 0 0 0 12/30/1899 12/30/1899
Dhaniya 0 0 0 0 12/30/1899 12/30/1899
Pepper 0 0 0 0 12/30/1899 12/30/1899
Turmeric 0 0 0 0 12/30/1899 12/30/1899
Sugar 0 0 0 0 12/30/1899 12/30/1899

Third Month
Guar Seed 4504 450400 4612.85 461285 11/1/2011 1/20/2012
Guar Gum 0 0 0 0 12/30/1899 12/30/1899
Wheat 0 0 0 0 12/30/1899 12/30/1899
Chana 0 0 0 0 12/30/1899 12/30/1899
Barley 0 0 0 0 12/30/1899 12/30/1899
Maize 0 0 0 0 12/30/1899 12/30/1899
Potato 0 0 0 0 12/30/1899 12/30/1899
RM seed 0 0 0 0 12/30/1899 12/30/1899
Soybean 0 0 0 0 12/30/1899 12/30/1899
Cotton Seed Cak 0 0 0 0 12/30/1899 12/30/1899
Castor Seed 0 0 0 0 12/30/1899 12/30/1899
Jeera 0 0 0 0 12/30/1899 12/30/1899
Chilli 0 0 0 0 12/30/1899 12/30/1899
Dhaniya 0 0 0 0 12/30/1899 12/30/1899
Pepper 0 0 0 0 12/30/1899 12/30/1899
Turmeric 0 0 0 0 12/30/1899 12/30/1899
Sugar 0 0 0 0 12/30/1899 12/30/1899

Note
Demat one time charges for minimum lot whatever is the period for which position is taken,it is not apportioned.
Assaying charges applicable for mininmum lot, say Rs.500 for 50 MT then for 10 MT Rs 500 is taken into acount
Warehouse charges are average of all the accredited warehouse of basis centre for that commodity
Assaying Charges are average of assaying charges charged by accredited warehouses in basis centre for that commodity
Demat charges include R&T charges
Assuming that spot and future converge on expiry date
Assuming that brokerage charged is higher than transaction charge, therefore taken as Rs. 10 per lakh.
In case the commodity is already in demat, the returns will be higher
 Std
Assaying Warehouse
Deduction Demat Interest Margin on one lot
Margin Charges for Charges per Brokerage
(if .2% Charges Rate of futures
minimum lot day (Rs/lot)
put .002)

7.54% 0.008 600 30 310 0.004 0.12 33666

7.96% 0.005 750 30 310 0.004 0.12 54526
5.27% 0.002 600 32.5 310 0.004 0.12 5774
7.48% 0.002 694 34.28 310 0.004 0.12 25484
8.60% 0.005 600 30 310 0.004 0.12 9486
5.73% 0.0075 825 30.3 310 0.004 0.12 6251
5.00% 0.002 550 27 310 0.004 0.12 4718
5.24% 0.002 660 33 310 0.004 0.12 15877
6.07% 0.005 550 30.78 310 0.004 0.12 13148
7.74% 0.0025 1000 33.06 310 0.004 0.12 9381
6.20% 0.002 550 23 310 0.004 0.12 26970
6.82% 0.0032 650 12 310 0.004 0.12 29276
5.00% 0.005 1155 115 310 0.004 0.12 21100
6.39% 0.0035 650 40 310 0.004 0.12 32736
6.09% 0.0035 550 7.25 310 0.004 0.12 20870
13.05% 0.01 1485 25 310 0.004 0.12 32951
5.00% 0.000667 1100 35 310 0.004 0.12 13785

7.67% 0.002 593 18.430 310 0.004 0.12 33878

0.00% 0.002 753 10 310 0.004 0.12 0
0.00% 0.002 600 32.5 310 0.004 0.12 0
0.00% 0.002 694 34.28 310 0.004 0.12 0
0.00% 0.005 600 30 310 0.004 0.12 0
0.00% 0.0075 825 30.3 310 0.004 0.12 0
0.00% 0.002 550 27 310 0.004 0.12 0
0.00% 0.002 660 33 310 0.004 0.12 0
0.00% 0.005 550 30.78 310 0.004 0.12 0
0.00% 0.0025 1000 33.06 310 0.004 0.12 0
0.00% 0.002 550 23 310 0.004 0.12 0
0.00% 0.0032 650 12 310 0.004 0.12 0
0.00% 0.005 1155 115 310 0.004 0.12 0
0.00% 0.0035 650 40 310 0.004 0.12 0
0.00% 0.0035 550 7.25 310 0.004 0.12 0
0.00% 0.01 1485 25 310 0.004 0.12 0
0.00% 0.000667 1100 35 310 0.004 0.12 0

7.58% 0.002 593 18.430 310 0.004 0.12 34140

 0.00% 0.002 753 10 310 0.004 0.12 0
0.00% 0.002 600 32.5 310 0.004 0.12 0
0.00% 0.002 694 34.28 310 0.004 0.12 0
0.00% 0.005 600 30 310 0.004 0.12 0
0.00% 0.0075 825 30.3 310 0.004 0.12 0
0.00% 0.002 550 27 310 0.004 0.12 0
0.00% 0.002 660 33 310 0.004 0.12 0
0.00% 0.005 550 30.78 310 0.004 0.12 0
0.00% 0.0025 1000 33.06 310 0.004 0.12 0
0.00% 0.002 550 23 310 0.004 0.12 0
0.00% 0.0032 650 12 310 0.004 0.12 0
0.00% 0.005 1155 115 310 0.004 0.12 0
0.00% 0.0035 650 40 310 0.004 0.12 0
0.00% 0.0035 550 7.25 310 0.004 0.12 0
0.00% 0.01 1485 25 310 0.004 0.12 0
0.00% 0.000667 1100 35 310 0.004 0.12 0

ot apportioned.
aken into acount

centre for that commodity

 Future minus
Commission Transportati Any other
Days Total cost Total cost+Spot (Total
Agent on Cost cost
cost+spot)

17 0 0 9662.6 470948 -24447.58

17 0 0 12208.2 729313 -44313.20
17 0 0 2829.7 120990 -11429.73
17 0 0 5748.2 355748 -15048.16
17 0 0 3132.0 118132 -7831.96
17 0 0 3494.8 108420 680.19
17 0 0 2440.4 97000 -2650.39
17 0 0 5159.8 311925 -8924.79
17 0 0 4629.4 222429 -5829.44
17 400 1100 5184.5 162834 -41634.49
17 0 0 6346.8 428672 6328.22
17 0 0 6954.1 451754 -22483.57
17 0 0 9826.0 444246 -22246.02
17 0 0 8424.3 509259 3040.73
17 0 0 5615.5 351616 -8915.50
17 0 0 7845.4 292095 -39595.35
17 0 0 4951.6 287367 -11666.64

49 0 0 12472.2 473757 -32057.18

0 0 0 1062.8 1063 -1062.78
0 0 0 910.0 910 -910.00
0 0 0 1004.0 1004 -1004.00
0 0 0 910.0 910 -910.00
0 0 0 1135.0 1135 -1135.00
0 0 0 860.0 860 -860.00
0 0 0 970.0 970 -970.00
0 0 0 860.0 860 -860.00
0 0 0 1310.0 1310 -1310.00
0 0 0 860.0 860 -860.00
0 0 0 960.0 960 -960.00
0 0 0 1465.0 1465 -1465.00
0 0 0 960.0 960 -960.00
0 0 0 860.0 860 -860.00
0 0 0 1795.0 1795 -1795.00
0 0 0 1410.0 1410 -1410.00

80 0 0 18131.8 479417 -29016.79

0 0 0 1062.8 1063 -1062.78
0 0 0 910.0 910 -910.00
0 0 0 1004.0 1004 -1004.00
0 0 0 910.0 910 -910.00
0 0 0 1135.0 1135 -1135.00
0 0 0 860.0 860 -860.00
0 0 0 970.0 970 -970.00
0 0 0 860.0 860 -860.00
0 0 0 1310.0 1310 -1310.00
0 0 0 860.0 860 -860.00
0 0 0 960.0 960 -960.00
0 0 0 1465.0 1465 -1465.00
0 0 0 960.0 960 -960.00
0 0 0 860.0 860 -860.00
0 0 0 1795.0 1795 -1795.00
0 0 0 1410.0 1410 -1410.00
Return

-5.19%
-6.08%
-9.45%
-4.23%
-6.63%
0.63%
-2.73%
-2.86%
-2.62%
-25.57%
1.48%
-4.98%
-5.01%
0.60%
-2.54%
-13.56%
-4.06%

-6.77%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

-6.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%