New Coriander Prices Wane amid Restricted Buying as Arrivals Hit 30,400 Bags; Futures Hit Lower Circuit

Jaipur (Commodities Control) - New coriander prices continue to face pressure due to cautious buying by exporters and domestic traders, as the spice tanked by Rs 50-80 per Quintal in the state mandis. The spice markets in Rajasthan witnessed arrivals of 30,400 bags, of which 27,800 bags consisted of new coriander.

Local and exporters continue to eye the supply-demand in new coriander along with making thorough analysis of the quality, colour, size and moisture content of the new coriander. Market is focussing on purchases being made by the South Indian millers and the exporters. Lacklustre buying by stockists is weighing on the spice.

Spice mandis in Rajasthan reported a drop of Rs 50/Quintal at the beginning of the auction, while the prices were under pressure throughout the day. Even old coriander faced the heat of the demand pressure and prices stood still. Coriander rates dropped Rs 50- 80/Quintal by the end of the day.

Badami variety at Ramganj mandi was quoted at Rs 5400-5600, Eagle variety was priced at Rs 5700-5880 per Quintal. At the lower end, new coriander was priced at Rs 4150-4300 per Quintal, and Rs 5700-5860 at the higher end. At Baran and Kota mandi, coriander was quoted at Rs 4050 at the lower band and Upper Grade was priced at Rs 5750/Quintal.

On NCDEX, meanwhile, April and May futures contracts settled with 4% lower circuit at Rs 7,072 and Rs 7,204 per Quintal respectively. The most-active contract surged by nearly Rs 1,000 in a span of eight days between 21st February and 1st March. Futures market took a breather after a nonstop northward rally on profit booking and drop in spot prices amid restricted demand and elevated arrivals.

Ramganj mandi reported arrivals of 21,000 bags, Kota mandi-- 3,000 bags, Baran mandi--2150 bags and Jaipur mandi-- 1700 bags.