MUMBAI (Commoditiescontrol) - Decline in supply at production centers and fresh buying support at lower levels may strengthen corainder prices in the coming week.
According to traders, the report of low production could support prices in the medium-term. The production has estimated to be lower in 2017-18 as farmers had shifted to other crops.
The Federation of Indian Spice Stakeholders (FISS) has pegged coriander production to be lower for 2017-18 at 4.82 million bags owing to lower acreage.
On the other hand, a total of 27,255 tonnes of coriander exported during April-October 2017, which was higher than last year's 23,603 tonnes. However, due to weak global prices, the value of exports dropped by 4%.
Meanwhile traders are waiting for the monsoon. As per the India Meteorological Department (IMD), the southwest monsoon is expected to hit Kerala on May 29, three days ahead of its normal onset date.
Sowing of most of the spices generally starts after monsoon rains. The first advance estimates released by the Ministry of Agriculture had earlier showed that during the year 2017-18, spices production in India remained stable at 8.16 million tonnes.
India exported about 7.97 lakh tonnes of spices and spice products worth Rs 13,167.89 crore during April-December 2017, an increase of 20 percent in volume and four percent in Rupee terms. During the corresponding period in 2016, 6.63 lakh tonnes valued at Rs 12,607.46 crore was exported, a Spices board press release said. In Dollar terms,spices exports were pegged at USD 2041.23 million as compared to USD 1880.02 million, notching an increase of nine percent in value.
According to the technical chart, as down trend is seen in coriander, June futures may touch the level of 4,552 and 4,715, but the market is getting support from the lower level and if June futures close above 4,880 then uptrend is likely and the level of 4,922 and 5,045 may be seen.
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(By Commoditiescontrol Bureau; +91-22-40015567)
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