Unseasonal Rain in Gujarat Impacts Coriander Price Surge

Mumbai, March 04 (Commodities Control): Unseasonal rainfall in Gujarat over the past two days has led to a significant spike in coriander prices, rising by Rs 50-100 per 20 kg in the state. Traders attribute the price surge to potential crop damage caused by the unexpected rain in key coriander production areas. Despite the rain, more than 1 lakh sacks of coriander arrived in the state today.

According to the FISS report, coriander production in Gujarat is estimated at 1.58 lakh tonnes, reflecting a 44% decline compared to the previous year's production of 2.81 lakh tonnes.

Approximately 1,02,000 bags of coriander were reported to have arrived in the state today, with an average price ranging between Rs 1500-2000 per 20 kg.

Coriander arrivals were halted in Gondal Mandi for the past two days. Traders noted that out of the 60,000 sacks arriving in Gondal Mandi today, 3000 sacks were of old coriander, priced between Rs 1601-2201. Rainy weather in Rajkot impacted new arrivals, with 6000-7000 pending bags being traded at prices between Rs 1150-1811. The rain on Saturday caused some sacks of coriander to become waterlogged.

Coriander arrivals were also reported in various other mandis, including 7000 sacks in Halvad, 2500 sacks in Dhangadhra, 2500 sacks in Jetpur, 5100 sacks in Jamjodhpur, 5000 sacks in Junagadh, 7000 sacks in Amreli, 3500 sacks in Jamnagar, and 8000-9000 sacks in surrounding areas.

In Madhya Pradesh, prices of Mandi Guna and Kumbhraj coriander increased by Rs 100 to Rs 200. The bullish trend in coriander on NCDEX also contributed to higher prices in the local market. Demand remained robust, further supporting the upward price movement.

In Guna Mandi, Badami traded at Rs 6800/7100, and Scooter at Rs 7800/8200, up Rs 200 from the previous session. Eagle remained steady at Rs 6800/7400. Meanwhile, in Kumbhraj Mandi, Badami saw a rise of Rs 100, reaching 6600/6800, while Scooter prices increased by Rs 500 to Rs 7800/8400.

Dhaniya contract for APR delivery settled at Rs 8238/quintal showing an rise of Rs 212 over previous close of Rs 8026/quintal,The contract moved in the range of Rs 8084-8300 for the day. Open interest increased by 70 MT to 21515 MT, while trading volume increased by 2950 to 5065 MT.

Dhaniya contract for MAY delivery settled at Rs 8316/quintal showing an rise of Rs 214 over previous close of Rs 8102/quintal,The contract moved in the range of Rs 8200-8426 for the day. Open interest increased by 670 MT to 4005 MT, while trading volume increased by 1190 to 1740 MT.

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

Dhaniya stock in NCDEX accredited warehouse as on 04-Mar-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)