NCDEX coriander hits 3% upper cap on bargain buying.

Futures contracts of coriander on NCDEX hit the 3% initial upper circuit today because investors bought the commodity after prices fell to a one-week low. An 80-tn rise in open interest in the contract to 23,260-tn indicated bargain buying. Expectation of lower production in 2017-18 (Oct-Sep) as farmers shifted from coriander to jeera following attractive prices of the latter last year, also supported coriander futures. Arrivals of coriander in Rajasthan were pegged at 7,500 bags (1 bag = 40 kg), up 1,500 bags from the previous day. Of the total quantity, 1,000 bags were from the new crop.