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

Updated Aug 31, 2022
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). As of August 30, out of the total traded value of Rs 593 crore in the exchange, turmeric's share was Rs 41.64 crore. "We have seen healthy deposits happening in Basmat (a place in Maharashtra that is also a big physical market for turmeric) in the past with existing quality specifications, which are in line with FSSAI and Agmarknet benchmarks. The quality is tested in NABL accredited labs," Punam Chand Gupta, Chairman, Turmeric PAC said. The PAC added that derivatives are well accepted ...
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