Coriander extends slide for 3rd day, plunges 6%

Traders exit on fears of Sebi action against excess speculation, expectations of higher output in key growing regions

Extending its slide for the third day, coriander hit another lower circuit by tumbling 6 per cent to quote at Rs 9,635 per quintal in futures trade today as speculators engaged in offloading their positions amid fears that the market regulator may take action to curb excess speculation.

Moreover, expectations of higher production in major growing regions of Gujarat, Rajasthan, and Madhya Pradesh, too weighed on coriander futures, analysts said.

In futures trading at the National Commodity and Derivatives Exchange, coriander prices for delivery in November slumped Rs 615, or 6 per cent to hit lower circuit, at Rs 9,635 per quintal, with an open interest of 44,620 lots.

On similar lines, coriander for delivery in December lost Rs 625, or 5.99 per cent, to Rs 9,807 per quintal, with an open interest of 11,750 lots.