Coriander Rises On Weak Stocks In Local Mandies

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Fresh buying was seen in coriander futures from lower levels on the account of possibility of decline in coriander crop in the coming season along with strong demand of processors in physical mandies. The NCDEX futures added Rs 27 per quintal today.

The spot prices of coriander augmented by almost Rs 100 per quintal today in the major mandies of Rajasthan to settle around Rs 8700-8800 per quintal on the account of poor sowing in the current year. Traders estimated that below average temperature in major growing states like Rajasthan and Gujarat will divert the coriander crop cultivators towards mustard seed crop.

The market sources also added that the total daily arrivals of coriander will decline further after mid- December and remain weak till mid- February due limited stocks in local warehouses. Therefore, fragile supplies in physical mandies will also add some gains in coriander prices.

The NCDEX January Benchmark futures added Rs 27 per quintal today to settle at Rs 8940 per quintal. The NCDEX futures added 7.80% in open interest indicating fresh buying by traders.

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