The sudden ban on chickpea futures has caused a lot of controversy in the market

- Commodity Current: Jayavadan Gandhi

Last week, SEBI's decision to impose a sudden ban on chickpea futures came as a shock. For a long time, there was no significant ups and downs in chickpea futures as well as no significant factors like speculation. During the summer, chickpeas were up 12 per cent. Apart from chickpeas, many other commodities have been bullish. As the soybean market has doubled. Guar is up 3 per cent and cotton is up 3 per cent. Chickpeas have a record production of 1.12 crore tonnes this year. Support prices are also good. Although the supply of chickpeas in the market is also satisfactory, the spot market is booming as chickpea futures are closing. At present, the spot price is Rs 300 to Rs 500 against the support price of Rs 2,100 per quintal. The market has been under constant buying pressure since the SEBI decision. However, market circles fear that the government is making significant changes in chickpea support prices in the near future, which is why the government is holding a sufficient breakup on chickpea futures trading. The total production of chickpeas in the country in the year 2016-17 is about 4.5 lakh tonnes, in the year 2016-17 118.5 lakh tonnes and in the year 2016-17 4.5 lakh tonnes, in the year 2016-70 110.2 lakh tonnes and in the year 2020-21 115 .3 lakh tonnes record production has been done. Investors in chickpea futures have received an average return of 15 to 18 per cent. Although the current production of chickpeas is expected to decline in 2021-2 due to monsoon deficits, the stock of chickpeas is also in sufficient quantity. There are many logical arguments in the market. However, there is no explanation from the government for the sudden closure of chickpea futures.

However, due to the late monsoon, the agri-commodities sector is witnessing a sharp rise in almost everything. Guar had a six per cent upper circuit last week. Guar gum is also up four per cent. In areas of Rajasthan where guar is produced, there is a gap in cultivation due to lack of rainfall. According to market sources, it is not surprising that the guar gum market will jump to 10,000 in the short term. With the start of the festive season, the spice markets are on fire. Demand is steadily rising as hotels open. Things like cumin, coriander, turmeric are rising by more than two per cent. The stock has been declining this year due to good export performance. In the last one month, guar gum has increased by 3% and guar seed by 20%. Inflation in pulses as well as oilseeds and edible oils is skyrocketing. If the import duty on soybean and sunflower oils has been significantly reduced to bring down the prices of edible oil festivals. India imports more than 50 per cent of edible oil during the summer. Both imports of crude oil and edible oil have become a headache for the government.

The government wants to increase the consumption of electric vehicles to reduce the consumption of crude oil in the country. In order to become self-sufficient in edible oils, an exercise has been undertaken to increase the cultivation of palm, which is the largest oil producer in the country. The government has also allocated Rs 11,000 crore for the next five-year plan to promote palm cultivation. India imports 3 million tonnes of palm oil every year during the day. The government has set a target of producing 1.1 million tonnes of palm oil in the country by 203. Palm trees are found mainly in Africa, South America and Southeast Asia. Indonesia and Malaysia and Africa are the leading producers of palm oil. The government has more than doubled the subsidy given to farmers per hectare for palm cultivation.

Meanwhile, the Taliban regime in Afghanistan has spilled oil on the stomachs of Indian exporters. The country's drought markets are currently heating up, affecting imports of dried fruits from Afghanistan. The supply of tea, coffee, cotton and pepper from India to Afghanistan is also being affected. Prices of poppy from Afghanistan have also doubled in the range of Rs 1,500 to Rs 500 to Rs 700. Poppy production generates વર્ષે 1.50 billion a year for Afghan farmers. Poppy and opium cultivation have been the main source of income for Afghan farmers. Although the Taliban are unlikely to take any action to lose the above revenue, the business community is currently in a dilemma as trade with Afghanistan is at risk.