Coriander Prices Surge as Spice Companies Drive Demand, Arrivals Cross 1 Lakh Bags in Gujarat

Ahmedabad, February 26 (CommoditiesControl): The coriander market in Gujarat witnessed a substantial arrival today with more than 102,400 bags, each weighing 40 kg. This surge in supply has correspondingly led to a price hike of Rs 20 per 20 kg, marking the first time this season that the arrival of coriander bags has exceeded the 1 lakh mark.

Traders attribute this upward shift in prices to the increased seasonal demand from spice companies. The current market trends are expected to shape up further based on the selling trends in the upcoming days. The price of coriander, which typically ranged between Rs 1200-1700 per 20 kg, has experienced a positive adjustment. The prevailing weather conditions, characterized by clear skies, have also contributed to the buoyancy in the coriander market, supported by a combination of low prices and sustained demand.

Despite the notable surge in arrivals, traders highlight that the overall coriander supply in the current season, totaling 5.66 lakh bags, falls short in comparison to the figures from the previous year.

Breaking down the arrivals, traders note that out of the 42,500 sacks reaching Gondal Mandi, 40,000 sacks are of new coriander, while the remaining 2,500 sacks are of the old variety.

Market prices in various locations reflect the diverse conditions, with Gondal priced at Rs 1511-2251, Halvad at Rs 1000-1821, Rajkot at Rs 1000-1821, Jetpur at Rs 1000-1821, and Jamjodhpur at Rs 1000-1821. Other regions, including Junagadh, Amreli, and Jamnagar, also reported varying price ranges.

Dhaniya contract for APR delivery settled at Rs 7770/quintal showing an fall of Rs -10 over previous close of Rs 7780/quintal,The contract moved in the range of Rs 7752-7878 for the day. Open interest increased by 180 MT to 21270 MT, while trading volume decreased by -130 to 1440 MT.

Dhaniya contract for MAY delivery settled at Rs 7848/quintal showing an fall of Rs -4 over previous close of Rs 7852/quintal,The contract moved in the range of Rs 7836-7960 for the day. Open interest increased by 40 MT to 1995 MT, while trading volume decreased by -365 to 180 MT.

Currently The spread between APR and MAY contract is -78 Rs/quintal

Dhaniya stock in NCDEX accredited warehouse as on 26-Feb-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)