Traders Association of Maharashtra Demanded Closure of Turmeric Futures

Mintec Global
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Marathwada – Traders of Vidarbha wrote a letter to the Union Finance Minister requesting to prevent volatility in turmeric futures. Traders of Maharashtra have demanded  to the Government about closure of turmeric futures. Turmeric Traders Association of Marathwada Vidarbha has written a letter to Union Minister of State for Finance, Pankaj Choudhary requesting to close turmeric futures running in NCDEX and BSE exchange.

The price of turmeric are being fixed keeping the futures in mind, due to which the farmers of Maharashtra suffer massive losses.

A handful of traders and companies store 2/3 of the total turmeric produced in India in a forward market warehouse and subsequently rate 97% of the production. About 60% of the production comes in the market after March and April. Future Trading starts in November itself for the next year. Although very few farmers fix the rate at that time but it effects the market a lot.

The letter also alleged that “no farmers” are registered for purchase or sale with agricultural commodity exchanges. However, NCDEX officials said that the futures contract traded on the exchange platform in turmeric has attracted wide and active participation from all departments of the value chain participants.

Turmeric futures are currently trading high. There was heavy movement in turmeric futures also in the past and due to the speculative uptrend, there has been a huge fluctuation in the price. At present, the basis of the entire market is on how the next levy comes in the turmeric market. Market tone looks mixed on average.

The Turmeric finger Salem prices were Recorded at $1,07 per kg FOB.