Current Scenario
Last week in coriander, the market remained strong as the demand was good. NCDEX and Spot remained slow at the end of the week, and the markets saw some bearishness. At high prices, the stockists preferred to buy the goods according to their needs, and the sellers were willing to sell some of their stock at peak prices.
The supply of fine quality goods is short, and the stock position in the mandis is also less. Demand in international market is slow at present. less crop, NCDEX strong futures and domestic demand has supported the coriander prices.
Prediction
According to the experts, it would be best to buy the best product at every correction. And as per the resources, there is a bullish trend in coriander right now. Coriander has support at $1,25 while resistance at $1,33. After crossing $1,33, the price hikes of $1,41- $1,48 can be seen soon. Looking at the current situation, there may be some decline in coriander once, but over all fundamental and technical scenario is strong and positive. Coriander is not expected to slow down much, Considering the rest of the crop and stock position.
Arrivals
Coriander is usually cultivated during the Rabi season, and it lasts till December. The harvesting period is from January to April, while arrivals start from January and continue till April. The crop matures in about 110 to 140 days. Also, according to the sources, it is predicted that in the marketing yards of Rajkot and Junagadh, there will be arrivals of coriander after three weeks.
Total arrivals of the week is 1700 tonnes and the maximum was from Gujarat– 550 tonnes.
Factors Influencing The Market
- Currently, the weather is favourable, and standing crops are reported well. Any unseasonal rainfall and cold wave (frost) may impact standing crops.
- Demand for Coriander from Processor of spices in India and Exporting Countries
- Compared to the previous year, there are fewer carryover stocks.
- At present coriander crop is 10 to 15% less compared to previous year
Bottomline
As per the reports, heavy rainfall was experienced in western states like Rajasthan, Gujarat, and Madhya Pradesh. And the farmers and traders believe that it worked in their favor. Therefore, it is possible to see an upward trend in the coriander market.
Prices
- Coriander Eagle 5% Split stands at $1,24 per KG
- Coriander Eagle 100% Split stands at $1,21 per KG
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