Forward Markets Commission (FMC) "" the commodities market regulator - has decided that in case the maturity date of a running raw jute contract falls during the suspension period of the trade, the contract should be deemed settled at the settlement price on December 15, 2005. | |
| FMC has already communicated this decision to National Commodity and Derivatives Exchange of India (Ncdex) and National Multi-Commodity Exchange (NMCE). |
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| Futures trading in all ongoing raw jute contracts was suspended effective from December 15, 2005, following the announcement of the Jute Commission on fixing of a reasonable price for different varieties of raw jute. |
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| The December jute contracts on Ncdex were set to expire today, but they were suspended on Thursday last on the Mumbai-based Ncdex and the Ahmedabad-based NMCE following the Jute Commissioner's recent order of fixing prices for various grades of raw jute, under the Jute Textiles Control Order, 2000, in line with the industry's long-term demand. |
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| Narendra Gupta, chief business officer, Ncdex, was not available for comments. |
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