AHMEDABAD (Commodity Online): Analysts expect coriander futures may gain in the coming days, thanks to upcoming festivities. Buying coriander is recommended for Saturday as trend is positive.
The upper limit for October coriander may be pegged at Rs.5715 and the bottom at Rs.5480.
For April – June 2011, India's estimated export of spices was around 1,16,900 MT valued at $421.55 million. Of this, Coriander has a share of around 6.4% quantity wise (7,500 MT) and 2.3 % value wise (Rs. 43.5 crores).
For the FY 2010-11, India exported 40,500 MT coriander valued at Rs. 166.63 crores. Indian production figure for year 2010-11 is estimated to be around 2.8-3 Lakh MT.
“Pepper can also be bought. It may remain range bound to positive: 35070-35780” said Anil Patadia, agri-analyst with Commodity Online.
Exports, and domestic demand from North India on account of coming festival season remain good.
With low stocks, lower global production and rising export demand, trend is likely to remain bullish for pepper from a medium to long term point of view. Traders expect good demand and a firm trend in Vietnam could support the rates further. Demand from China and West Asia are also reported along with Gulf demand supporting rates.
Farmers shifting to more profitable crops have affected the production of crop in India.
Latest reports from Spice Board of India indicates likely pepper exports for April-June 2011 rose by 21% to 5.750 MT in 2011 from 4,750 MT in 2010 same period.
Meanwhile, turmeric trend is deemed to be on the negative side. Potato March contract may remain range bound (564-586) and selling is recommended.
