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“Support for the commodity is seen at 6200 level while 6700 is the resistance,” he added.

12 Feb 2013

MUMBAI(Commodity Online): On the NCDEX, over all trend of coriander(dhaniya) for April delivery is looking negative until prices sustain above 6700 levels for short term. At current levels some short covering is expected for the commodity.

The contract is trading on a positive note at Rs.6489, a gain of 1.39% as of 11.50 AM IST, Tuesday.

“Dhaniya prices are looking negative until they sustain above 6700 level for short term. Some short covering is expected at current levels,” said Milan Shah, Research Analyst, Commodity Online.

“Support for the commodity is seen at 6200 level while 6700 is the resistance,” he added.

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.


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