Ahmedabad, September 11 (CommoditiesControl): The coriander market in Gujarat has witnessed a price increase of Rs 10-15 per 20 kg today, driven by a surge in local demand. This uptick in prices has coincided with a significant rise in coriander arrivals across the state.
Traders attribute the price hike to a growing local demand which has been reflected not only in the spot market but also in the futures market, which is showing a bullish trend. The increase in prices has incentivized more arrivals, with over 10,000 bags of coriander entering the market today. The trend is expected to continue, with forecasts suggesting that arrivals could exceed 15,000 bags in the coming days.
In Gujarat, around 10,300 bags of coriander were received today, maintaining an average price range of Rs 1,275 to Rs 1,450 per 20 kg across the state.
In Gondal Mandi, 7,130 bags of coriander were traded at Rs 1,331 to Rs 1,551 per 20 kg, compared to an arrival of 11,000 bags (1 bag = 40 kg). Rajkot Mandi saw 3,000 bags traded at Rs 1,180 to Rs 1,440 per 20 kg, matching the total arrival of 3,000 bags.
Additionally, 1,000 bags arrived in Junagadh Mandi, 500 bags each in Jetpur Mandi and Jamjodhpur Mandi, with other markets reporting approximately 1,000 bags in total.
On the NCDEX, coriander futures are also on the rise. The September contract was trading at Rs 6,720, up by Rs 558, while the October contract was priced at Rs 6,914, up by Rs 64. The November contract was trading at Rs 7,080, reflecting an increase of Rs 32.
Dhaniya contract for SEP delivery settled at Rs 6728/quintal showing an rise of Rs 66 over previous close of Rs 6662/quintal,The contract moved in the range of Rs 6660-6750 for the day. Open interest decreased by -1175 MT to 11435 MT, while trading volume decreased by -3080 to 2755 MT.
Dhaniya contract for OCT delivery settled at Rs 6902/quintal showing an rise of Rs 52 over previous close of Rs 6850/quintal,The contract moved in the range of Rs 6826-6936 for the day. Open interest increased by 1205 MT to 16565 MT, while trading volume decreased by -1925 to 3300 MT.
Currently The spread between SEP and OCT contract is -174 Rs/quintal.
Dhaniya stock in NCDEX accredited warehouse as on 11-Sep-2024, was 15892 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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