Spot Coriander Drops amid Slow Demand, Increased Acreage; Futures End in Red

Mumbai Commodities Control - Spot coriander prices extend southward movement, as prices dropped Rs 50-00 per Quintal on Monday. Dull overseas demand and weak buying by local spice millers is weighing on the prices.

Spice manufacturers from Tamil Nadu, Kerala are yet to commence purchases, while local purchases are lacklustre as well. Rising corona cases in Rajasthan and Delhi have affected trade in spot coriander markets. Meanwhile the producing regions have reported a rise in coriander cultivation, which is likely to keep a lid on price gains going forward.

Even stockists who were hopeful of a rise in coriander prices post Diwali have started to liquidate their stocks now. Due to lack of buyers, nearly 170 quintals of coriander could not be auctioned off at Kota and Ramganj mandis of Rajasthan.

On NCDEX, December and January futures dropped Rs 64 and Rs 18 to settle at Rs 6,506 and Rs 6,600 per Quintal today.

Meanwhile, spot markets registered arrivals of 4,000 bags at Ramganj mandi, 3,500 bags --Kota mandi, Baran mandi--1,500 bags and Jaipur mandi-- 1,000 bags.