MUMBAI (Commodity Online): Coriander futures at India’s National Commodity and Derivatives Exchange (NCDEX) rose 2.3% in morning trade on Thursday due to good demand in spot markets and expectations of fall in acreage.
Coriander December contract rose 2.3% to Rs 4838 after witnessing profit booking on Wednesday. Near term support for Coriander is seen at Rs 4500, 4490 levels while resistance is seen at Rs 4890 Rs 4908 levels, according to Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online. On daily charts, the upward momentum was paused on Wednesday due to profit booking, but present indications point to a further move ahead before a reversal is possible, he added. Fall in rabi acreage may continue to give firm support to prices.
According to market source, farmers in Rajasthan had shifted to chana and mustard from coriander in the current rabi season. In the meantime, coriander sowing will gain pace after Diwali. Total arrivals of coriander in major spot markets in Rajasthan increased to 15000 bags (1bag=40kg). Arrivals in Kota were near 3000 bags with spot price Rs.4000 per 100kg.