PAC sees no unusual price change, rejects call for ban on turmeric futures in India

The Product Advisory Committee (PAC) on turmeric has rejected calls for banning futures trade in the commodity, claiming that it has not found any unusual movement in its price. Reacting to the demand made in some quarters to delist turmeric futures from the exchanges due to unusual price movements, PAC found that even though prices vary between different qualities and grades, the overall price trend remains more or less same, making the availability of a reference price very important. The PAC for any product is constituted under a mandate framed by Sebi and includes representatives from across the commodity value chain, such as traders, exporters, processors and FPOs working in the field. The PAC on turmeric had met a few days back to review the product and deliberate on the concerns raised by some traders over the sharp and unusual movement in price of the commodity. Turmeric futures is one of the key trades on the National Commodities and Derivatives Exchange of India (NCDEX). ...