Posted on 09/05/08
India halts futures trade in staple foods, rubber
India's government halted trading yesterday in futures contracts for key staple foods and for rubber as it battles to avoid an election drubbing due to high inflation. The government suspended futures trade in basic foods such as lentils, soya and potatoes for four months, saying the move was aimed at stopping price rises driven by speculators. It also halted futures trade in rubber. The ruling Congress party-led coalition said further efforts were also under way to fight inflation, as cement producers yesterday joined steel makers in pledging price cuts. The Congress party is desperate to wrestle down inflation to avert a voter backlash in general elections that are due to be held by next May.
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