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Our Bureau

Mumbai, Sept 25 Multi Commodity Exchange has recorded a delivery of 680 tonnes of coriander and 24.5 tonnes of cardamom in the September contract.

The conversion rate for cardamom and coriander on the delivery date was 99 per cent and 97 per cent respectively.

Mr Sanjit Prasad, Senior Vice-President, MCX, said: “The conversion rate of open interest to delivery, up-to the tune of 99 per cent is a mark that traders and corporate across India are hedging their physical exposure and taking delivery on the expiry of the contract.”

The cardamom contracts have seen an average trading volume of more than Rs 10 crore with current open interest around 180 tonnes.

With the growing response from the exporters and traders, MCX has also recently started an additional delivery centre in Theni in Tamil Nadu, it said.

The country is the largest producer of coriander seeds with market size of over Rs 1,100 crore. Coriander was launched by MCX just two months back and has been receiving good response.

Currently, the open interest is about 3,500 tonnes with daily average turnover of more than Rs 25 crore which also illustrates that the contract is liquid.

Coriander in MCX designated warehouses in Kota and Ramganj Mandi.

More Stories on : Spices & Condiments | Commodity Exchanges

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