The Foward Markets Commission (FMC) has rejected the samples of cuminseed (jeera) collected from the National Commodity and Derivatives Exchange (NCDEX) godown last September. | |
| Talking to Business Standard, FMC Chairman B C Khatua said, "The jeera samples have failed and we have sought clarification from NCDEX." |
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| The quality of jeera at the NCDEX godown had stirred a hornet's nest, with traders in Gujarat going on a day-long strike alleging that cuminseed of inferior quality was being dumped in Jodhpur godowns. |
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| A majorty of traders in Unjha, considered the spice bowl of Asia, have felt that the produce is under-priced. |
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| A senior NCDEX official, meanwhile, clarified that the commodity exchange and FMC had taken measures to resolve the issue of inferior quality cuminseed and that buyers had taken deliveries. |
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| However, market players differed from NCDEX's view. "Traders had made advance payments and had to compromise with the poor quality of jeera. The issue has not been resolved. If any action has been taken, the regulator and the exchange should inform us," said Arvind Patel, the vice-president of the Unjha Futures Trading Association. |
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| Ever since the issue cropped up, traders in Unjha had stopped taking deliveries from the NCDEX warehouses, said another trader from Unjha. |
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| "We have gone through the records. FMC had collected samples from some of the designated warehouses. Of the total stock of 4,134 tonnes of jeera, only 153 tonnes were of bad quality, which is just 3.70 per cent of the total stock deposited," said a senior NCDEX official via e-mail. |
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| Last year, many traders who had taken delivery had claimed that they were stuck with jeera of inferior quality. They said the last traded price of the September contract was lower by about Rs 20 a kg against the contract settlement rate. |
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| They attributed this difference in the last traded price and the settlement price to the inferior quality of jeera at the warehouse managed by NCDEX. |
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