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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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Pune, May 08, 2008 (Asia Pulse Data Source via COMTEX) -- The ban on futures trading in four farm commodities announced yesterday is aimed at reducing the burden of high food prices on the common man, Agriculture and Food Minister Sharad Pawar said today. The measure is expected to curb inflation, offering relief to the common man, he told reporters here. The government yesterday suspended futures trading in gram, refined soya, potato and rubber for four months - a move aimed at arresting speculation-driven price rise to cool inflation that is hovering over 7.5 per cent now. Pawar reiterated that the ban would remain in force for four months, even as commodity markets regulator Forward Markets Commission Chairman B C Khatua hoped that these commodities would again be made available for futures trading. Khatua had expressed doubts on the efficacy of the ban in containing inflation, as there was no direct link between high commodity prices and futures trading. With yesterday's decision, the total commodities that have been removed from futures trading have risen to eight, including wheat, rice, urad and tur that were suspended last year. Pawar said that even Planning Commission member Abhijit Sen, who headed a committee that looked into the impact of futures trading on prices, had suggested delisting of wheat, rice, tur dal and recommended strengthening of commodity exchange regulation mechanism to ensure adequate returns for farmers. Stating that the wheat and rice procurement within the country was satisfactory and could meet the requirement of public distribution system, the minister said it was left to the states to effectively implement the Essential Commodities Hoarding Act. The Minister said the current season had witnessed a record production of wheat, rice, cotton and soyabean in the country and the UPA Government was committed to usher in "second green revolution" as promised by Prime Minister Manmohan Singh. |
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Copyright 2008 APU Newswire. All rights reserved. Please read the End User Agreement. News provided by COMTEX |
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