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Our Bureau

Mumbai, Aug 11 Notwithstanding the record rise in coriander prices, NCDEX on Monday launched trading in coriander futures.

Coriander prices have touched a high of Rs 100 a kg due to unseasonal rain in the growing areas. About 70 per cent of India’s production comes from Rajasthan, while Madhya Pradesh, Orissa, Andhra Pradesh and Tamil Nadu contribute the rest.

Mr B.C. Khatua, Chairman, Forward Markets Commission, said the futures contract will cater to the requirements of the value chain participants such as growers, processors, traders, etc.

Mr Unupom Kausik, Chief Business Officer, NCDEX, said the output in 2007-08 was as low as 40 lakh bags against 85 lakh bags in 2006-07. “The next crop is expected to be good as the monsoon has been very favourable,” he added.

Mr R. Ramaseshan, Managing Director, NCDEX, said the Badami variety has been chosen as this is the most widely used in the country.

The contract is with compulsory delivery and the unit of trading is 10 tonnes. The tick size is Re 1 and the delivery centres are Kota and Jaipur in Rajasthan, besides Guna in Madhya Pradesh.

On day one, the near month October contract closed at Rs 9,034 on a volume of 48 lots and open interest was 17 contracts, December contract ended at Rs 9,940 on a volume of 11 lots and open interest of 1 contract and April delivery was quoted at Rs 7,170 on a volume of 32 lots and open interest of 16 contracts.

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