Coriander Prices Remain Stable in Gujarat Amid Sluggish Market

Ahmedabad, May 9 (CommoditiesControl): The coriander market in Gujarat has witnessed a subdued atmosphere over the past two trading days, with prices maintaining a stable trend. Traders report minimal movement in the state's coriander market, with prices trading within a narrow range. However, there are anticipations of a potential rise in coriander prices in the long term, with expectations of increased demand emerging after about a month. Even a slight uptick in coriander prices could trigger the immediate release of stocked goods.

Around 30 lakh bags of coriander have already arrived in Gujarat, with arrivals now showing a decreasing trend across all centers. In Gondal alone, arrivals range between 8,000 to 10,000 sacks. While new stock continues to arrive, significant quantities of old stock are still in storage, totaling around 50 lakh bags. Consequently, prospects for a significant price surge remain limited.

Today, Saurashtra witnessed the arrival of around 16,500 sacks of coriander, with the total arrival from Gujarat reaching around 20,000 bags. Prior to this, the average price of coriander ranged between Rs 1350-1550 per 20 kg.

In Gondal Mandi, where 8,000 bags arrived, prices ranged from Rs 1451-1911. Meanwhile, in Rajkot Mandi, against the arrival of 2,000 bags, prices were quoted between Rs 1275-1575.

Other notable arrivals include 750 bags in Halvad, 700 bags in Jetpur, 1,500 bags in Jamjodhpur, 550 bags in Junagadh, 350 bags in Amreli, and 800 bags in Jamnagar, with approximately 1,700-1,800 bags arriving in other mandis.

Dhaniya contract for MAY delivery settled at Rs 7278/quintal showing an fall of Rs -48 over previous close of Rs 7326/quintal,The contract moved in the range of Rs 7260-7340 for the day. Open interest decreased by -3000 MT to 10930 MT, while trading volume increased by 800 to 4765 MT.

Dhaniya contract for JUN delivery settled at Rs 7370/quintal showing an fall of Rs -54 over previous close of Rs 7424/quintal,The contract moved in the range of Rs 7364-7442 for the day. Open interest increased by 3035 MT to 18695 MT, while trading volume increased by 555 to 4655 MT.

Currently The spread between MAY and JUN contract is -92 Rs/quintal.

Dhaniya stock in NCDEX accredited warehouse as on 09-May-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)