Financial Tribune

The futures' expiration date is set for Sept. 11. Each contract has 100 grams of premium saffron as its underlying asset with a 3% daily fluctuation cap set on its price.

The first day had the futures open for trading at 12:30 p.m. with no fluctuation cap for 30 minutes to determine the initial price. The rest of the day, up until 15:30 p.m., had contracts trading with the usual caveats, IME reported on its website.

Futures are financial contracts obligating the buyer to purchase an asset or the seller to sell an asset at a predetermined future date and price. The asset can be anything such as a physical commodity or a financial instrument. Futures contracts detail the quality and quantity of the underlying asset. They are standardized to facilitate trading on a futures exchange.