At commodity exchange
Out of 14 lac ton turnover actual delivery 1,400 ton
99.99% speculative trading during May to Dec 2009
Sugar
Import-export Manipulation
-- 48 lac ton exported in 2008-09 @ Rs.12.50/kg.
-- Now importing Raw Sugar @ Rs.36/kg
Govt. gave Export & Transport Subsidy to Exporters.
Why govt. did not create buffer stock of Sugar ?
Prices up from Rs 22 to Rs.45 to 50/kg in one year.
2009 Turnover 79 lac ton but delivery 1.11 lac ton
ReplyDeleteSpeculation 98.6%
Banned from forward trading since May 2009
In the case of Pulses Price went up by 200 to 400%.
In 2004 during the NDA/BJP Govt., Chana Dal available at Rs. 25/kg, which has gone up to Rs.56/kg in January 2010.
Tur Dal that was available then at Rs.24/kg had gone up to Rs.100/kg in January 2010
Tur Dal scored Century and Sugar Half century
Edible oil
ReplyDeletePrice of Groundnut Oil gone up from Rs.40 to Rs.100 per kg.
In 2008-09, India imported 75 lakh tons edible oil, i.e. more than 50% of its consumption.
Indian food security is getting pledged to the foreign multinationals and Commodity Exchange players.
Manipulation & Speculation at Commodity Exchanges are horrible.
ReplyDeleteChanna
Turnover 2, 59,43,840 ton - Delivery 50,710 ton.
Speculation 99.80 %
Jeera (Cumin)
Turnover 21,82,923 ton Delivery 3,402 ton
Speculation 99.84%
Price went up from Rs.104 to Rs.146 per kg in 2009
Guar Seed
Turnover 9,02,97,720 ton. Delivery 21,550 ton.
Delivery 0.02%.and 99.98% speculation.
Turmeric ‘Haldi’
Haldi is ideal example of Commodity Exchange Manipulation
Turnover 1,32,72,060 ton
Delivery 3,880 ton
Speculation 99.97%
Price went up from Rs 38 to Rs130/kg
Potato
ReplyDeleteInclusion of Potato in the list of Forward Trading is reflection of how Commodity Exchanges are misused in India
Turnover 32,53,020 ton, actual delivery 4,080 ton
Speculation 99.70% and delivery 0.30%
Price went up from Rs.6 to Rs.14/kg.
Great post. Do tweet the updates.
ReplyDeletesure Swabhimaan!tx
ReplyDeleteGuys, Keep it up, I expect more blogs from you and should reach each & every peoples in INDIA.
ReplyDeleteParitosh, Agree with you that commodity exchanges are causing this absurd rise in prices. If Govt really want a free trade opportunity, It can allow exchanges but only delivery based trades. there is no harm. The Potato used to be Rs 4/Kg , the trading was banned initially but then started about 2 and a half years back, I suppose. The inital price at the time of lifting the ban was 400/ quintal i.e Rs 4 per Kg and all of us know where it had
ReplyDeletebeen in past few months. How many of epople in India know that at MCX there are very few commodities that have delivery, it just works on parity price with overseas market. When there is no delivery based trade, how can there be exchanges resulting in price discovery. Now do people understand why more and more bodies are interested to set up exchanges, no better business than that...only returns no liability
Even if you happen to buy at lowest price of life, the badla or the carry forward of current month to next month will be so high that one will drop the trade instead. Take example of turmeric, when it reached the maximum of 17,000 the next month was going at 8,500 which means if a farmer wants to sell his produce at 17,000 for his crop he cant do it and if he rolls over it will at 8500 only ie half the price. Are regulators not watching this. If markets have to fair, they can fix a fees for carryover and not the badla, which is in hands of speculators