Coriander wilts on profit-booking

M. R. Subramani
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Coriander futures were among the agriculture commodities that lost the most on Thursday morning.

Profit-booking after three sessions of gains that helped coriander to gain nearly 3 per cent dragged the counter. Reports that damage to crops due to rain in growing areas is negligible was also a bearish factor.

Coriander prices had witnessed some rise since September 14 with October contracts rising from Rs 4,052 to Rs 4,440 on Tuesday. Wednesday was a holiday on account of Ganesh Chathurthi.

Earlier after hitting a record high of Rs 5,458 (October futures) on August 8, the counter has been dropping. Prices had vaulted high as the monsoon played truant in June and July, leading to concern over production.

However, the monsoon made a remarkable recovery in August and with various parts of the country receiving bounty showers this month, deficit in monsoon has shrunk to 6 per cent.

The main-growing State of Rajasthan has, in particular, received heavy showers in the last couple of weeks.

On Thursday, coriander for October delivery was quoted 2.64 per cent or Rs 113 lower at Rs 4,171 a quintal. The September contract, set to expire today, was down nearly 3 per cent (Rs 126) to Rs 4,100.

November contracts declined by Rs 94 or 2.12 per cent to Rs 4,330, while December contracts slid by Rs 120 (2.63 per cent) to Rs 4,440.

In the spot market at Kota, coriander was quoted at Rs 4,348.60 at close on Tuesday.

(This article was published on September 20, 2012)
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