Gujarat Coriander Prices Steady; MP, Rajasthan See Small Gains

Ahmedabad, March 7 (Commoditiescontrol): Coriander prices in Gujarat have remained stable despite a continuous rise in arrivals throughout the state. Demand for the spice remains limited. Currently, there's a total daily arrival of 1.50 lakh sacks (1 sack = 40 kg), with Gujarat seeing arrivals of approximately 1.10 lakh sacks and Rajasthan-Madhya Pradesh accounting for 35,000-40,000 sacks. This arrival volume is expected to increase further after the festival of Shivratri.

Traders anticipate that the market trend will become clearer on Saturday. The volume of arrivals following the Shivratri holiday on Friday will play a key role in determining market direction.

Within Gujarat, approximately 80,000 sacks of coriander arrived today at an average price of Rs 1425-1925 per 20 kg. In Gondal, no new arrivals were recorded, but pending stock from yesterday (approximately 30,000 sacks) traded within the range of Rs 1601-2101 per 20 kg. The lack of new arrivals in Gondal prompted some traders to sell their stock in the Rajkot market, leading to an increased arrival volume of over 15,000 sacks at prices between Rs 1290-1851 per 20 kg.

Detailed arrival figures at other markets include 9000 sacks in Halvad, 3000 in Dhangdhra, 4500 in Jetpur, 16000 in Jamjodhpur, 7000 in Junagadh, 9000 in Amreli, and 4000 in Jamnagar.

On the NCDEX at 12.45 pm, the coriander April contract saw a rise of Rs 78 to trade at Rs 8254 per quintal, while the May contract increased by Rs 48, trading at Rs 8324 per quintal.

Market experts expect short-term price volatility in the coriander market due to the rise in arrivals.Price trend will depend on extent of increase in arrivals and how markets absorbs this arrivals.

In NCDEX Futures indicated fresh long built up .Dhaniya contract for APR delivery settled at Rs 8240/quintal showing an rise of Rs 64 over previous close of Rs 8176/quintal,The contract moved in the range of Rs 8140-8342 for the day. Open interest increased by 430 MT to 22320 MT, while trading volume increased by 1040 to 4555 MT

Dhaniya contract for MAY delivery settled at Rs 8310/quintal showing an rise of Rs 34 over previous close of Rs 8276/quintal,The contract moved in the range of Rs 8250-8422 for the day. Open interest increased by 650 MT to 4835 MT, while trading volume increased by 745 to 1275 MT.

Currently The spread between APR and MAY contract is -70 Rs/quintal.

Dhaniya stock in NCDEX accredited warehouse as on 07-Mar-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)