Contract specification: China Type Wool Futures 19.5 micron

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Underlying Commodity

 19.5 micron merino wool of China type (ASX code: 54W)
Contract Unit 2,500 Kilograms (Kg) Clean.
Quotation Tick Size AUD $0.01 per Kilogram Clean, Tick value of $25.00 per contract.
Contract Months February, April, June, August, October, December
Last Trading Day and Maturity Date The fourth Thursday of the maturity month, provided this is a trading day
Trading Hours 9.50am to 4.30pm (Sydney time). Late trading 4.30pm to 5.00pm. Trading ceases at 12 noon on Maturity date.
Delivery Period Begins on the second Thursday of the Contract Month and ends at 3.00pm on the Last Trading Day.
Notice Day Any business day within the Delivery Period on which notice of delivery is given via lodgement of tender documentation with the clearing house.
Settlement Method Physical Delivery, via Warehouse Receipt.
Settlement Amount The final Settlement Amount is calculated from the settlement price on the Notice Day. This price is adjusted for any applicable location differentials and GST.
Settlement Day 11:00 am on the Business Day following the Notice Day. 
Pricing Point Delivery Approved Wool Warehouse in Sydney/NSW. Location differentials apply for deliveries in other states.
Deliverable Grade A maximum average of 19.5 micron Australian merino fleece wool. Style 5 or better of Good Colour, with a minimum average strength of 30n/ktx, minimum average staple length 78 mm, and a vegetable matter content of 1.8% or less. Vegetable matter up to 1% is par, a 3 cent discount per kilogram clean will be applied for every .1% above 1 and up to 1.8%. 
Approved Warehouses and Delivery Locations All locations of Approved Wool Warehouses. 
Deliverable Tolerances
  • 2,250 to 2,750 clean weight kilograms.
  • No Qualifiers, except M (scourable colour).
  • Minimum strength of 25 n/ktx in any sub lot.
  • Staple length range for any sub lot to be 75 mm to 100 mm.
  • Vegetable Matter, any sub lot as directed by AWTA OML protocol.
  • Maximum average POB in the middle of less than or equal to 70%.
  • Maximum average of 19.5 Micron, range in any sub lot as directed by the AWTA OML protocol.
  • Schlumberger Dry Yield of 63.0% or greater, with all sub lots in a range as directed by AWTA OML protocol.