Last Updated :
16 March 2010 at 12:05 IST
NCDEX doubles margin on turmeric as price shoot up
MUMBAI (Commodity Online): In a bid to control speculative price movement in turmeric, which recorded steep rise within less than a month’s time, National Commodities and Derivatives Exchange (NCDEX) has today doubled the special margin on all contracts of turmeric on the long side to 20% from the existing 10%.
In a circular issued on Tuesday, March 16, 2010 the exchange had announced the upward revision in margin, which will be applicable from Thursday, March 18, 2010.
There had been a steep rise in the prices of the spice over past one month. The April contract on NCDEX has risen over 50% since February 1, 2010. The price rise was seen mainly due to speculative buying. In less than a month, the prices have shot up by 35% since February 23, 2010. On Thursday the contract was up 3.5% at Rs.10,380 per quintal.
The move by the exchange will affect speculators, who will have to pay higher margin, which will help the regulator to keep a check on the galloping prices of the commodity. The recent step is believed to cool down the rising prices and bring them to the normalcy.
NCDEX WHEATDELHIJUN12 20 June 2012
contract was trading at
Rs 0 . What's your view on it?
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