MUMBAI (Commoditiescontrol) - Spot coriander prices remained mostly stable at major spot markets in the country during the week ended April 13 amid sluggish buying and normal arrivals.
Demand from spices companies and stockists was not reported. At the key Ramganj, Baran and Kota markets in Rajasthan, prices remained steady. Major markets of Madhya Pradesh also showed similar trend. While at Gondal and Rajkot markets in Gujarat, prices quoted comparatively weak.
As per local traders, stockists have already stocked up the spice earlier at low levels and are now unable to stock up the spice due to full godowns which may hamper buying ahead and finally resulting in likely pressure on prices in next 15 days.
Gondal market in Gujarat received 80,000-85,000 bags of spice during the week. While Ramganj market yard received more than 65-70 lakh bags of coriander during the week, down 30,000 bags from last week.
As per local traders, as sufficient stock is left with traders they are not interested in stocking up currently.
At present, total availability of stock (both old and new) at various market yards is at around 60 lakh bags of which 25 lakh bags are estimated in Rajasthan, 20 lakh bags in Madhya Pradesh and 5 lakh bags in other states. While stock left with farmers is likely to be at 35-40 lakh bags. After adding carry-forward stock of 35-40 lakh bags, total availability for this year is estimated at around 1 crore or 10 million bags.
Most of the traders are expecting a downtrend in the market ahead in the wake of ample stocks against sluggish buying.
During the week (April 6- April 13), coriander May contract on NCDEX declined 1.87 percent or Rs 99/100kg with a fall in volume by 31.6 percent while open interest grew by 33.4 percent.
(By Commoditiescontrol Bureau; +91-22-40015567)