MUMBAI (Commoditiescontrol) - Coriander arrivals during the week across all the major markets of Kota, Ramganj mandi and Baran stood at 35500 bags as compared to 42,000 bags.
In NCDEX, July futures contract, coriander price on 31 st May 2019 stood at INR 7455 per quintal which declined to INR 7017 per quintal on 06 th June 2019. The decline in price is attributed to ongoing import from Ukraine and lower domestic demand.
At kota markets coriander prices increased by INR 3/ Kg to trade in the range of INR 65-68/ Kg as compared to INR 66-71 / Kg previous week.
Coriander harvest in Ukraine starts from June to August. Henceforth, import flow can be more in coming days.
Also, harvest in Bulgaria starts from August to September. Importing coriander at cheaper prices may drag down the domestic prices which happened in last year.
However, consecutive decline in domestic production is likely to stabilize/range bound the price from the current levels. As like cumin, coriander export will increase gradually in coming days as Ramzan festival season is over.
IMD forecasts, 100% LPA rainfall in Central India amid weak El Nino which can benefit Gujarat and Rajasthan region which will increase the soil moisture levels.
As on date, coriander stock position in Rajasthan is approximately 20 lakh bags.
Coriander---July-2019
Last week range---7490-6969, settled at 7025
Settled well below the double top formation signaling overall weakness in trend
May drop towards 6900-6700 going forward
Upside capped at 7180-7250, which should be considered as good level to enter short
(By Commoditiescontrol Bureau)
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