Last Updated : 22 January 2013 at 12:35 IST
NCDEX Coriander: Prices may touch 7180 levels if commodity sustains above 7050
The production of dhaniya is estimated around 60-80 lakh bags against 1.10 crore bags (1 bag = 40 kg) of the last year. The fall in production may result in rise of the commodity's price in near term.
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NEW DELHI(Commodity Online):Coriander (Dhaniya) on NCDEX has opened on a positive note and is currently trading at 6940 levels. Over all trend for dhaniya prices looks sideways to bearish for the day as the prices are unable to sustain above 7050 levels. Sustaining above 7050 may lead prices to 7180 levels.
In India's NCDEX dhaniya for April contract is trading on a negative note at Rs.6923 , a percentage change of 0.99% as of 11.49AM, Tuesday.
“If the prices sustain above sustain above 7050 levels then it is expected to touch 7180 levels. If the commodity is unable to break the level of 7050 then it it may fall further and touch 6850 and 6780 in the coming session,” said Tarang Parmar, Research analyst at Commodity Online.
Intraday traders may use sell at higher levels strategy.
The production of dhaniya is estimated around 60-80 lakh bags against 1.10 crore bags (1 bag = 40 kg) of the last year. The fall in production may result in rise of the commodity's price in near term.
The acreage of dhaniya has declined from 25 to 30 percent against last year's total sown area.
India's coriander exports during April-November 2012 is estimated at 12 lakh bags (1bag=40kg) against 8 lakh bags in the same period last year.
