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“Coriander is trading down due to reports of thin demand in major spot markets owing to high moisture content in new crop. Sharp rise in arrivals in major spot markets may also lead to a fall in coriander prices..

25 Feb 2013

JAIPUR (Commodity Online): Coriander (Dhaniya) futures for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) is bullish till the commodity breaks and sustains below 6400 level.

“Over all trend is looks bullish till the commodity breaks and sustains below 6400 level. Resistance is there at 6900 level and traders are advised to buy on dip,” said Milan Shah, Research Analyst at Commodity Online.

NCDEX coriander for April delivery was down by 2.22 percent at Rs.6655 per 100 kg as of 11.29 PM IST on Monday. This down-trend looks temporary.

Fall in bulk demand is putting pressure on coriander futures, however, long term trend is positive amid lower production estimates for current year.

“Coriander is trading down due to reports of thin demand in major spot markets owing to high moisture content in new crop. Sharp rise in arrivals in major spot markets may also lead to a fall in coriander prices,” said Suresh Kothari Research Analyst at Commodity Online.

Fresh crop harvesting has been started in major growing regions of Rajasthan but recent crop damage is expected to support coriander futures.

Daily arrivals in all the major markets (Kota, Ramganj, and Baran) have declined to 2000-4000 bags.


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