145;Remove sugar from MCX146;

Terming the future8217;s trading market in sugar 8216;nothing less than gambling,8217; Kaniayah lala Gidwani, All India Congress Committee member has called for the removal of sugar from the Multi-commodity Exchange MCX or the National Commodities or the derivatives exchange NCDEX. Gidwani has written to the Forward Market Commission of the Government of India, asking for the same.

8220;Since inclusion of sugar in the futures market, one has not witnessed any gains to the sugarcane farmer and year after year, there has only been manipulation of the futures market by some traders who have fluctuated sugar for personal gains. In the past 10-15 days, these very persons have benefited in the futures market by a ten-times gain, an amount which the sugarcane farmer cannot even dream of. The farmer even after toiling for two years on sugarcane has not made this kind of profit,8221; Gidwani said in a press release.

Comparing the prices of the futures market and the spot market, Gidwani said the price difference is as much as Rs 400 per quintal.

8220;The current ex-factory price is prevailing at Rs 1,550 per quintal for sugar without duty duty being Rs 100 per quintal. The forward trading rate is hovering at a rate as high as Rs 2,100 per quintal and above. This is only due to some traders deliberately fluctuating the market for their own gains. The repercussion of this sets a wrong indication on the price for spot delivery, which is not good, as rates then on sentimental grounds tend to increase,8221; he said.