Agri futures under lens

Apr 14 2012, 00:57 IST
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Summary“Prices of guar seed and guar gum still remain high in the spot market even after futures trade was banned in this commodity late last month after excessive speculation was brought to our notice,” Thomas said.

Consumer Affairs Minister KV Thomas today said that the ministry has taken a serious note of complaints regarding “excessive speculation” in futures market of a clutch of agricultural commodities — pepper, potato, cardamom, mentha oil, soyabean, chana and mustard — and will be taking a decision on the futures markets of these commodities based on a report to be prepared by the Secretary, Comsumer Affairs.

“I do not want to jump to conclusions (of the report) … We will take necessary action, if needed, even banning of the futures markets based on the report,” Thomas cautioned today after a meeting with the chairman of commodities market regulator (FMC) in the capital today.

Thomas, however, indicated that the government will not go by sentiments (against futures market) and will tread cautiously on taking any action against the futures market only on the basis of the inquiry report into the recent fluctuations being undertaken by the ministry.

“Prices of guar seed and guar gum still remain high in the spot market even after futures trade was banned in this commodity late last month after excessive speculation was brought to our notice,” Thomas said.

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