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Futures and Commodity Market News |
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Sat May 17, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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NEW DELHI, May 09, 2008 (AsiaPulse via COMTEX) -- Commodity market regulator Forward Markets Commission on Thursday said it doubted that the ban on futures trading in four farm items would help curb inflation, but would surely eat into the turnover of commodity exchanges. "It is quite unfortunate that the government banned four items despite there being a strong evidence against futures trading (driving up prices)," Forward Markets Commission (FMC) Chairman B C Khatua told PTI. The ban may not contain inflation in the coming weeks as there is no direct link between inflation and futures trading, he said, adding that it was, however, sure to "bring down about 60 per cent of the NCDEX's turnover." "The significant impact would be on Indore-based National Board of Trade (NBOT) that deals in only single commodity -- soy oil," Khatua said. He hoped that the suspended commodities would once again be available for futures trading. The government yesterday announced suspension of all futures contracts in four commodities - chana, soy oil, potato and rubber - with immediate effect for four months. This brings the total commodities suspended for trading to eight, including wheat, rice, urad and tur that were banned last year. Khatua, however, assured investors that he would make efforts to bring back all eight banned commodities on the exchange platform. (PTI) |
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(C) 2008 Asia Pulse Pte Ltd Please read the End User Agreement. News provided by COMTEX |
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