Coriander Prices Softens in Gujarat; Arrival Surpasses 1 Lakh Bags

Ahmedabad, February 29 (Commodities Control): After witnessing a strong market sentiment over the past two days, the coriander market in Gujarat softened today with prices decreasing by Rs 15-20 per 20 kg. Traders attribute this shift to a recent increase of Rs 80-90 over the last two days, leading to a slight correction in prices. Despite the current slowdown, traders anticipate a boost in local demand post-Shivratri, which could potentially improve market conditions.

The coriander market is currently experiencing a slow-paced business environment, and while local demand is expected to pick up after Shivratri, a substantial surge is not foreseen in the immediate future. The market is anticipated to continue trading within a certain range.

The arrival of coriander into the market has been steadily rising, with today's arrivals reaching around 1,12,000 bags, each bag weighing 40 kg. This surge in arrivals has caused a marginal retreat in prices from the recent highs. The average price of coriander in the state is currently in the range of Rs 1300-1800 per 20 kg.

Traders report that out of the 37,500 sacks arriving in Gondal Mandi, 35,000 sacks are of new coriander, and 2,500 sacks are of old coriander. In Gondal, prices are in the range of Rs 1576-2351. In other key markets, such as Halvad (8,000 bags), Rajkot (13,000 bags), Jetpur (5,000 bags), Jamjodhpur (12,200 bags), Junagadh (6,000 bags), Amreli (15,000 bags), and Jamnagar, prices vary based on the quantity and quality of coriander arriving.

Dhaniya contract for APR delivery settled at Rs 7978/quintal showing an fall of Rs -34 over previous close of Rs 8012/quintal,The contract moved in the range of Rs 7932-8056 for the day. Open interest decreased by -130 MT to 21110 MT, while trading volume decreased by -3940 to 2420 MT.

Dhaniya contract for MAY delivery settled at Rs 8100/quintal showing an was simillar of Rs 0 over previous close of Rs 8100/quintal,The contract moved in the range of Rs 8010-8100 for the day. Open interest increased by 585 MT to 3125 MT, while trading volume decreased by -580 to 905 MT.

Currently The spread between APR and MAY contract is -122 Rs/quintal.

Dhaniya stock in NCDEX accredited warehouse as on 29-Feb-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)