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: Exchanges asked to curb turmeric futures prices

Concerned with the 45% increase in turmeric prices in just a month, commodity market regulator FMC has asked exchanges to take measures to arrest the volatility in futures rates. "We have directed the commodity exchanges to take pre-emptive measures to curb volatility in turmeric prices," Forward Markets Commission (FMC) chairman B C Khatua said. At NCDEX, turmeric prices have shot up by 45% to Rs 10,736 per quintal from Rs 7,406 per quintal in last one month. The spot price is even higher and is ruling at over Rs 11,500 a quintal at Nizamabad, Andhra Pradesh.

MCX futures contracts

The Multi Commodity Exchange on Tuesday launched futures contracts in two agricultural commodities—mentha oil and almond—to be expired in January 2010. The January 2010 contract of mental oil opened at Rs 543 per kg and was trading at Rs 539 per kg at 1130 hrs. The almond contract could not attract much trade in early trading hours, the exchange data showed.

In mentha oil contracts, members (big brokers) can trade up to 1,500 tonne, while an individual trader (client) can have exposure up to 300 tonne, it said.

MMTC to sell Aussie dun peas

State-run MMTC on Tuesday invited bids for sale of 1,200 tonne of Australian dun peas in the domestic market. Bids will close on November 9 and the decision on the tender will be taken by November 16, the company said on its website. MMTC said it will sell dun peas grown in the 2008 season in Australia. Bidders should quote for the minimum quantity of 100 tonne. At present, the offered pulses are lying at Tuticorin port in Tamil Nadu.

FSP for base metals

Leading agri-commodity bourse the NCDEX has announced the final settlement price (FSP) for base metals and silver that expired last month. The FSP is the price at which a commodity futures contract is settled at maturity. The exchange has fixed Rs 867.10 a kg for nickel cathode, Rs 103.10 a kg for zinc ingot and Rs 89.40 a kg for aluminium ingot. While the FSP for silver international has been set at Rs 25,708 per kg, NCDEX said in a release.

Maize futures jumps