A Study on Agricultural Commodity Market Efficiency in India InRelation with Spot and Future Markets
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Abstract
This paper aims to examine the market which reacts first in India by assessing the relationship between spot and future prices of agricultural commodities such as Chana, Jeera, Maize, Soya bean, and Turmeric for a period from November 2019 to March 2020 traded in NCDEX, The results suggest the existence of long-run equilibrium relationships between futures and spot prices which suggests that for the commodities - Maize and Soybean, both the spot and future markets price plays the leading role in the price discovery process and said to be informationally efficient and reacts more quickly to each other.
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