Commodity OnlineMUMBAI: The Indian government seems to be not in a mood to withdraw the temporary ban it has imposed on futures trading in agri commodities like rubber, chana, soy oil and potato.
On Friday, the apex commodities regulators Forward Markets Commission (FMC) issued a notification extending the suspension of futures trading in these commodities.
The ban on these commodities was to have been lifted on Sep. 5 as the government had temporarilly suspended for four months citing inflation.
The FMC notification said the ban on futures trading on chana, soy oil, rubber and potato has now been extended till Nov 30, 2008.
"The suspension of the trade in the above commodities will be effective till 30th November, 2008, after which suspension will stand revoked unless notified otherwise," it added.
Commodity exchanges, a section of traders and broking houses have been pressing for lifting the ban that the government had imposed three months back on potato, rubber, gram (chana) and soyaoil. And last year, futures trading on rice, wheat, tur and urad were banned.
Officials at FMC pointed out that the temporary ban on futures trading on these commodities has not been lifted as inflation continues to be high.
