Coriander

Futures contracts of coriander on NCDEX shed early gains and traded marginally lower due to subdued demand for the commodity from spices makers and local stockists. The most active June contract of coriander on NCDEX was down 0.3%. Coriander prices are likely to trade in a range of 4,700-4,900 rupees per 100 kg in the short term due to absence of any major fundamental trigger. Arrivals of coriander in Rajasthan were estimated at 8,000 bags. In Kota, the benchmark market, the badami variety of coriander and the eagle variety both steady.

Futures contracts of coriander on NCDEX shed early gains and traded marginally lower due to subdued demand for the commodity from spices makers and local stockists. The most active June contract of coriander on NCDEX was down 0.3%. Coriander prices are likely to trade in a range of 4,700-4,900 rupees per 100 kg in the short term due to absence of any major fundamental trigger. In Kota, the benchmark market, the badami variety of coriander was and the eagle variety both steady from previous close.

Futures contracts of coriander on NCDEX rose over 1% as investors bought the commodity at lower price levels. Prices had declined nearly 22% since the start of 2018. The most-active June contract traded at 4,893 rupees per 100 kg, up 1.5% from the previous close. Prices, however, remained almost steady in the benchmark Kota market due to subdued demand and lower than expected arrivals.

May contract of coriander on the NCDEX declined as investors rolled over their positions ahead of staggered delivery period of the contract. The contract was at 4,765 rupees per 100 kg, down 0.3% from the previous close.

Futures contracts of coriander on NCDEX rose nearly 2% as investors covered their short positions after the May contract hit a seven-month low of 4,640 rupees per 100 kg earlier. The May contract was up 1.64%. A fall of 2,150 tn in open interest in the contract at 16,200 tn indicated short covering.Prices, however, are likely to fall in the short term as daily arrivals may hit 25,000 bags by next week.

A sharp 40% fall in output, which typically should have led to higher prices, may not translate into better returns for coriander growers, as rising imports over the last couple of years are likely to drag down prices by another 10-12% by July. Coriander prices have declined 20-22% since the beginning of 2018 in the spot and futures market. Coriander production in 2017-18 (Oct-Sep) is estimated at 6 mln bags of 40 kg each, while carryover stock from last season is pegged at 4-5 mln bags, largely comprising of imports. Higher carryover stock has led to a rise in total inventory to such a level that stockists do not have enough space at warehouses to store new stocks. The likely sharp fall in output this year has largely been attributed to subdued prices through most of last season.

The trend for futures contracts of jeera, mentha oil and turmeric in the next five trading sessions is seen bullish, while coriander and cardamom contracts may post losses. On the National Commodity and Derivatives Exchange, prices of coriander may continue to decline as demand is very poor and imports are on a rise. Imports may rise from Ukraine as the country’s production is likely to double to 14,000-16,000 tn this year.

Futures contracts of coriander extended Friday’s loss and hit a six-month low of 4,686 rupees a 100 kg on NCDEX today on reports of continuous imports from Ukraine and other countries. On NCDEX, the most-active May contract was at 4,711 rupees per 100 kg, down 1.8% from previous close. Record-high carryover stocks in India also added to the losses. The prices fell despite lower supplies.

Coriander prices fell 1.98 per cent to Rs 4,700 a quintal in futures market as participants trimmed their holdings on the back of easing demand at the spot market. Besides, increased supplies from major producing regions also fuelled the downtrend. At the National Commodity and Derivatives Exchange, coriander prices for delivery in May contract declined by Rs 95, or 1.98 per cent. Market analysts attributed the fall in coriander futures to subdued demand in the physical market against adequate stocks position on increased supplies from producing regions.

Prices of coriander fell in Kota, Rajasthan due to subdued demand from stockists. Prices are seen declining further as arrivals may rise next week onwards. Arrivals of coriander in Rajasthan are lower than normal for the last two weeks as farmers are busy due to the ongoing marriage season.

Futures contracts of coriander hit a six-month low of 4,768 rupees a 100 kg on NCDEX due to a record-high carryover stocks of 3.5 mln bags (1 bag = 40 kg). There is around 1.5-2.0 mln bags of excess coriander in market from the total stock of 10.5-11.0 mln bags which will keep prices under pressure until August. On NCDEX, the most-active May contract was at 4,785 rupees per 100 kg, down 2% from previous settlement.

Coriander futures on NCDEX ended at a three-week low of 5,025 rupees per 100 kg because of a rise in inventories. The most active May contract ended 1.5% lower from the previous close. A decline in exports and higher carryover stocks led to a rise in total inventory to such a level that stockists do not have enough space at warehouses to store new stocks. Prices also fell in the benchmark market of Kota, Rajasthan, despite a decline in arrivals.

The NCDEX will withdraw the existing 5% special cash margin on buy and sell positions of coriander effective. The withdrawal will be applicable on all running and yet-to-be-launched contracts of the spice. On the NCDEX, the most active May contract of coriander ended at 5,025 rupees per 100 kg, down 1.5% from the previous close.

Prices of coriander rose marginally in Kota, Rajasthan, today due to a sharp fall in arrivals and increase in buying at lower price levels. Prices have been on the decline for the past two weeks. The most active May contract of coriander on the NCDEX traded up 0.6%.

Futures contracts of coriander on the NCDEX declined, tracking prices in spot markets that fell due to lower demand from stockists. The front month April contract on the NCDEX shed 0.9% to close at a two-week low. Prices of coriander also fell in key market Gondal. Demand for coriander from spice makers and stockists fell as they have covered their near-term requirement.

Prices of coriander rose in key markets of Rajasthan as consistent fall in prices in the last few sessions made it attractive for stockists to buy the spice. The most active May coriander on NCDEX, however, traded 1.1% down.

Coriander futures on NCDEX declined for the fourth consecutive day and hit a one-week low of 5,120 rupees per 100 kg today because there were very few buyers in the market. The most active May contract of coriander was down 1% from the previous close. Prices may fall by 5 rupees a kg more by May as there is no requirement for coriander as imports are entering India unabated, Whatever is coming at auctions is going into cold storage. However, prices remained steady in Ramganj, the benchmark market, as weak demand was negated by a slump in arrivals.

Prices of coriander fell in key markets of Gujarat and Rajasthan due to a rise in arrivals. The fall in prices, however, is likely to be limited as arrivals are still lower than normal this year due to a decline in acreage of the crop. The most active May contract of coriander on NCDEX traded 0.9% lower.

Prices of coriander fell in Kota, Rajasthan due to a sharp rise in arrivals today amid low demand from stockists. Higher carryover stocks of around 5-6 mln bags (1 bag = 40 kg) has dampen stockists. Stockists generally procures around 50% crop during harvesting season. The most active May contract of coriander on NCDEX traded down 1% from the previous close.

Prices of coriander remained unchanged in key markets of Rajasthan and Gujarat as lower arrivals offset impact of weak demand from stockists. Demand, however, is likely to pick-up in coming days with the new crop having a low moisture content. Prices also remained unchanged in key market of Rajkot, Gujarat.