FMC hikes margin on turmeric futures

The commodity markets regulator, Forward Markets Commission, has imposed an additional margin of 20 per cent on turmeric futures from Friday. The total margin on this contract now works out to 30 per cent. Investors have to set aside about Rs 65,000 to take a position in turmeric contract. On Wednesday, turmeric for July delivery on NCDEX gained 0.88 per cent at Rs 4,108 a quintal; the August contract was up 1.1 per cent to Rs 4,170, while the September contract rose 1.41 per cent to Rs 4,248. Turmeric prices have been rising steadily in the last few weeks in the futures market on expectations that the production will fall sharply next year due to farmers shifting to other crops in view of poor remuneration.