Coriander Prices Surge Amid Strong Demand; Further Improvement Expected

Mumbai, February 28 (Commodities Control): The coriander market is experiencing a robust upswing as prices witnessed an increase of Rs 50-70 per 20 kg in the spot market, driven by increased demand ahead of arrivals. Traders attribute the surge to local seasonal demand, purchases by spice companies, and organized traders. Additionally, strong export trade in Gulf food, influenced by low prices, has provided support to the market.

Despite a continuous increase in the arrival of coriander, which reached around 97,000 bags, each weighing 40 kg, in the state, prices continue to rise due to active business. The average price of coriander in the state is reported to be in the range of Rs 1300-1800 per 20 kg. Traders anticipate the possibility of further improvement in prices by Rs 200-400 per 20 kg if the current trend in coriander trade continues.

In Gondal Mandi, out of 32,500 sacks arriving, 30,000 were new coriander, and 2,500 were old. Prices ranged from Rs 1576-2271. Other markets in Rajkot, Halvad, Jetpur, Jamjodhpur, Junagadh, Amreli, and Jamnagar also witnessed significant arrivals and price variations.

In Madhya Pradesh, Kumbhraj Mandi experienced a rise of Rs 100 across all varieties, with arrivals increasing from 2500 bags to 3000 bags. Prices for Badami were in the range of Rs 6500/6700, Eagle at Rs 6900/7300, and Scooter at Rs 7500/7900 for 100 kg. In Guna Mandi, a Rs 200 increase was observed, with Badami priced at Rs 6700/6900, Scooter at Rs 7800/8300, and Eagle at Rs 7000/7400 for 100 kg.

Dhaniya contract for APR delivery settled at Rs 8020/quintal showing an fall of Rs -18 over previous close of Rs 8038/quintal,The contract moved in the range of Rs 7978-8178 for the day. Open interest decreased by -640 MT to 21240 MT, while trading volume increased by 300 to 6360 MT.

Dhaniya contract for MAY delivery settled at Rs 8106/quintal showing an fall of Rs -32 over previous close of Rs 8138/quintal,The contract moved in the range of Rs 8052-8254 for the day. Open interest increased by 290 MT to 2540 MT, while trading volume increased by 545 to 1485 MT.

Currently The spread between APR and MAY contract is -86 Rs/quintal.

Dhaniya stock in NCDEX accredited warehouse as on 28-Feb-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)