Coriander up 4% on spot demand

Coriander prices spurted by 4% to hit upper circuit at Rs 7,714 per quintal in futures trade as speculators built up positions, taking positive cues from spot market on upsurge in demand.

Besides, tight stocks position in the physical market on fall in supplies from producing belts supported the upside.

At the National Commodity and Derivative Exchange, coriander for delivery in far-month April shot up by Rs 296, or 4% to hit upper circuit at Rs 7,714 per quintal with an open interest of 14,160 lots.

In a similar fashion, the spice for delivery in May contracts also hit upper limit at Rs 7,716 per quintal by surging Rs 296 or 4% in 2,820 lots.

Analysts said speculators created huge positions on the back of pick up in demand in the spot market against tight supplies from producing regions helped coriander to hit upper limit at futures trade.