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Oct 21, 2008, 08.22 AM IST | Source: Business Line

Ban on 8 commodities may go next month: FMC chief

The Forward Markets Commission (FMC) hopes the ban on trading of eight commodities on exchanges will go in November.

Hyderabad, Oct. 20

The Forward Markets Commission (FMC) hopes the ban on trading of eight commodities on exchanges will go in November.

“We will take a call after studying the situation in mid-November and recommend suspension of the ban on four commodities (rice, wheat, urad and tuar),” Mr B.C. Khatua, Chairman of FMC, said.

While the ban of trade in rubber, chana, soya oil and potato would come to an end automatically in November, the ban on rice, wheat, urad and tuar has no time frame for suspension. The ban came in the wake of sharp criticism from Left parties, which alleged that the futures markets had triggered sharp rise in prices of these vital commodities.Addressing a press conference here on Monday, Mr Khatua said the current prices (of these commodities in the open market) didn’t justify the suspension any longer.

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