Delisting these two commodities for trade on all exchanges, the FMC directive asked traders to square off all their positions at Tuesdays closing price. Traders have been told not to trade in these two commodities without the permission of the FMC.
The rising prices of essential commodities have been an issue of major concern within various sections in the government. The government allowed free import of pulses against zero duty, but even this failed to ease the situation with inflation climbing to 6.12% for the week ended January 6.
When inflation breached the 6% mark, the finance ministry said among food items, urad, tea, tomatoes, coconut and arhar were a matter for concern. A statement said the ministry was in touch with the agriculture ministry on how to control the rising prices of these commodities.
Pulse Of Inflation
Finmin has been in touch with the agriculture ministry over the rising prices of urad, tea, tomatoes, coconut and arhar
The tur desi futures for Feb 7 on NCDEX was Rs 2,280 per 10 tonne, for March 7 Rs 2,471, for April 7 Rs 2,520 and for May 7 Rs 2,565. The desi urad futures quoted on NCDEX for Feb 7 was Rs 3, 248 per 10 tonne, for March 7 Rs 3,160, for April 7 Rs 3,010 and for May 7 Rs 2,940.
The Tuesday spot prices for tur desi was Rs 2,337.20 and for urad Rs 3,100-3,359.40.