Ahmedabad, April 4 (CommoditiesControl): The coriander market in Gujarat is witnessing a surge in prices as the arrival of the crop declines.
According to reports, more than 60% of the coriander crop has already made its way into the market, causing a sharp increase in prices by Rs 20 per kg, now ranging between Rs 25-30 per kg.
A prominent coriander trader highlighted that out of the estimated 40 lakh sacks of crop in Gujarat, approximately 25 lakh sacks have already reached the market. Similar trends are observed in Rajasthan and Madhya Pradesh, with substantial arrivals reported. This decrease in supply has sparked a rise in stockists' interest in the commodity, further intensifying the market dynamics.
Despite the upward trend in prices, the demand for coriander remains steady, attributed in part to the onset of the spice season and anticipated increased demand from spice companies. Additionally, the prospect of Chinese purchases in foreign markets is expected to contribute to a gradual price increase in the coming months.
In the state, today's arrival of coriander stood between 33,000 to 35,000 bags (1 bag = 40 kg), with varying prices across different mandis. Previously, the average price of coriander remained stable at Rs 1425-1625 per 20 kg.
In Gondal Mandi, trade activities were observed with 60,000 bags arriving on Tuesday, of which 17,000 bags were traded today at prices ranging from Rs 1651-2101. Similarly, in Rajkot Mandi, 9,000 bags arrived with prices ranging from Rs 1320-1860.
Furthermore, other mandis reported arrivals, including Halvad (1000 sacks), Dhangadhra (1300 sacks), Jetpur (800 sacks), Jamjodhpur (6000 sacks), Junagadh (2100 sacks), Amreli (800 sacks), Jamnagar (4000 sacks), and surrounding areas (6000-8,000 sacks).
In Madhya Pradesh's Guna Mandi, coriander prices remained stable with arrivals totaling 20,000 bags. The prices for various qualities were as follows: Badami - Rs 7000/7400, Scooter - Rs 7600/8400, Eagle - Rs 7400/77000.
However, Kumbhraj Mandi experienced a downward trend in the market due to inward pressure, resulting in decreased arrivals. Prices for different qualities saw a decline, with Badami priced at Rs 5900/6900 (-100), Eagle at Rs 7100/7300(-100), Scooter at Rs 7700/8100(-100), while arrivals totaled Rs 20,000 bags.
Dhaniya contract for APR delivery settled at Rs 7880/quintal showing an rise of Rs 6 over previous close of Rs 7874/quintal,The contract moved in the range of Rs 7862-7960 for the day. Open interest decreased by -455 MT to 12105 MT, while trading volume decreased by -480 to 1995 MT
Dhaniya contract for MAY delivery settled at Rs 7964/quintal showing an fall of Rs -2 over previous close of Rs 7966/quintal,The contract moved in the range of Rs 7958-8056 for the day. Open interest increased by 595 MT to 15175 MT, while trading volume increased by 470 to 2610 MT.
Currently The spread between APR and MAY contract is -84 Rs/quintal.
Dhaniya stock in NCDEX accredited warehouse as on 04-Apr-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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