Coriander Prices Dip in Gujarat Amid Export Slowdown; Mixed Trend Noted in MP

Ahmedabad, March 14 (CommoditiesControl): The downward trend of coriander prices persists in the state as the expiry of March futures is ahead, exacerbating financial concerns for traders. Moreover, a slowdown in export trade and reduced purchasing activity from stockists has lead to a subdued outlook for coriander prices.

Today, around 80,000 bags of coriander (with each bag weighing 40 kg) arrived the markets of Gujarat. With demand failing to match the supply, as coriander prices witnessed a further decline of Rs 25-30 per 20 kg, averaging between Rs 1400-1900.

In Gondal and Rajkot mandis, trading activity was limited to pending stocks, with new arrivals anticipated in Rajkot mandi on Friday. However, Gondal mandi will remain closed on Friday, compelling farmers to divert their produce to Jamjodhpur mandi. Notably, Jamjodhpur market saw the arrival of 35,000 bags of fresh coriander today.

A Gondal-based businessman reported that out of 75,000 pending bags, only 30,000 bags were traded in nearby regions. Similarly, in Rajkot mandi, where new arrivals were suspended, pending stocks were traded at prices ranging from Rs 1410-1910 per 20 kg.

Other regions in Gujarat also witnessed substantial coriander arrivals, with 7,000 sacks in Halvad, 2,500 sacks in Dhangadhra, 3,500 sacks in Jetpur, 6,200 sacks in Junagadh, 6,000 sacks in Amreli, and an additional 8,000-10,000 sacks in surrounding areas.

In contrast, the coriander market in Madhya Pradesh showed a mixed trend. Prices remained stable in Guna Mandi, accompanied by consistent arrival figures. The prices for various coriander varieties stood at Rs 6800-7000 for Badami, Rs 7500-8100 for Scooter, and Rs 7300-7500 for Eagle, with arrivals totaling 7,000 bags.

Conversely, Kumbhraj Mandi experienced a surge in arrivals, leading to a decline in prices attributed to the quality of the produce. Badami prices dipped to Rs 6400-6600 (down by Rs 200), Eagle prices dropped to Rs 6600-7000 (down by Rs 300), and Scooter prices remained stagnant at Rs 7200-7700. The market witnessed a substantial increase in arrivals, with 10,000 bags recorded, surpassing the previous trading day by 2,000 bags.

Dhaniya contract for APR delivery settled at Rs 7830/quintal showing an fall of Rs -234 over previous close of Rs 8064/quintal,The contract moved in the range of Rs 7756-8040 for the day. Open interest decreased by -540 MT to 20990 MT, while trading volume increased by 4045 to 6255 MT.

Dhaniya contract for MAY delivery settled at Rs 7910/quintal showing an fall of Rs -232 over previous close of Rs 8142/quintal,The contract moved in the range of Rs 7840-8100 for the day. Open interest increased by 685 MT to 6065 MT, while trading volume increased by 1715 to 2135 MT.

Currently The spread between APR and MAY contract is -80 Rs/quintal.

Dhaniya stock in NCDEX accredited warehouse as on 14-Mar-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)