Coriander Futures Crash Further Tracking Dull Spot Cues; Weak Trend to Continue

Mumbai Commodities Control - Coriander arrivals have reportedly dropped in spot markets of Rajasthan. With the advent of wedding season, farmers could scarcely bring in their supplies. Meanwhile spot coriander prices continue to head lower along with futures that have been on a downward slope so far this week.

Having said so, traders confirmed there was some demand for medium quality coriander that stabilised the prices.

Post Diwali, wedding season has rolled in. Reportedly, Rajasthan is going to witness over fifty thousand weddings, here on. This will likely affect spot trade and farm arrivals.

On NCDEX, December and January futures fell Rs 102 each to close at Rs 6230 and Rs 6300 per Quintal, respectively. Analysts attribute this weakness to weak foreign demand along with lacklustre purchases from local spice millers.

Rajasthan mandis are yet to register orders from South Indian states. Meanwhile, four mills from Delhi and Madhya Pradesh made purchases today. Sub-standard- premium qualities of coriander lost Rs 20-50 per Quintal at Ramganj mandi of Rajasthan. Medium varieties reported strength in the morning session, but pared most of its gains by closing session. Most of the supplies were auctioned off for the first time this week, primarily due to lower arrivals today.

Unjha mandi of gujarat reported a fall of Rs 50 per QUintal i coriander, while prices were steady in junagarh. Guna and Mandsour mandis of Madhya pradesh witnessed decline of Rs 30-50 per Quintal on Wednesday.

Meanwhile, Ramgnaj mandi reported arrivals of 3200 bags, Kota mandi-- 2000 bags, Baran mandi-- 1050 bags, jaipur mandi-- 780 bags.