FMC to discuss turmeric price rise with Bombay kirana body

Forward Markets Commission is likely to meet the Bombay Kirana Merchants’ Association to discuss the latter’s complaint on sharp rise in turmeric prices and high volatility in the spice’s futures, B.C. Khatua, chairman, FMC said.

“We have been receiving complaints from BKMA on rise in turmeric price in the past few days, and will take suitable action if they (BKMA) bring to our notice any irregularity,” Khatua said. Khatua also refuted market talk of change in turmeric contract terms to curb rising prices of the spice.

Futures price of turmeric on National Commodity and Derivatives Exchange has almost doubled from Rs 3,400 a quintal in January to over Rs 6,200 now. In the past few weeks, the spice has seen an over 5 per cent swing in prices in a single session on NCDEX, leaving traders trapped on the long or short side.