The market controller of India on Monday ordered the suspension of its operations for a year The future of agricultural products Struggles to become the world’s largest importer of essential, essential oils, including soybean and wheat germ oil We need to control food inflation.
India’s most dramatic move Since allowing futures trading in 2003 A few weeks after the end of the peasant struggles that led to the demolition of the controversial reforms, market confidence is threatened by the difficulty of detecting record rise in producer prices.
“It’s like shooting an ambassador, but we sympathize with the government because it is worried about cooking oil inflation,” Atul Chaturvedi, head of the largest cooking oil trading body, told Reuters.
The market regulator in its order told commodity exchanges not to start futures contracts for soybeans, soybean oil, crude palm oil, wheat, paddy rice, chickpeas, green chickpeas, rapeseed and mustard for a year.
For existing contracts, No new posts will be allowed on these itemsRegulator added, The Securities and Exchange Board (SEBI).
Traders said the government, which faces intense pressure to control food prices ahead of state elections early next year, is trying to curb speculation that could trigger the increase.
The Small buyers and merchants will be most affected The move would expose both global price volatility and depreciation of the world currency, said a trader at a global brokerage firm.
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