The excess buying of the stockists and traders is making coriander’s wholesale price risky. Moreover, a rally demonstrated against the stockists took place in Ghania. It stated that the price is moving up due to the stockists. Hence, buyers should continue to purchase at the current rate as the price can increase further in the coming days.
In the last few days, the stockists have been profit booking, and the increase in the sell-off results in the price hike by $0,15 to $0,19 per kg.
As a result, the trend has become risky for this major grocery commodity in the local markets.
There are also reports of an increase in the arrival of the spice in the spot markets of Rajasthan.
In Ramganj, the arrival has increased to 17 – 18 thousand sacks.
In Baran, there is the arrival of 2,5 thousand sacks.
Despite the increase in the arrival, the late sowing of the crop by 20 to 25 days and the unsupportive weather earlier has built upon the demand.
Also, the significant decrease in the sowing of coriander in Rajasthan and Madhya Pradesh is making the market move up for the crop.
A recent seminar on coriander seeds production reported that there would be about 12 million sacks of spice available this year in the country. The total includes the earlier stock of 3 to 3,5 million bags.
As per the estimates, Gujarat will be producing 4,5 million bags, Madhya Pradesh 2,5 to 3 million bags, and Rajasthan only 1 million bags of coriander.
All these factors indicate the price of coriander will stay up, though there have been some trends in the spot markets like Ramganj, where the Badami variety experienced a bearish trend. Also, there was a report of limited selling of the Eagle variety.
Experts believe that coriander can move beyond $1,67 per kg anytime now as there has been a significant jump in spice prices in the Delhi NCR wholesale grocery market. It is advised to keep profit booking for the commodity.
Across the month, there has been a steady rise in the price of coriander for all its varieties.
Coriander Eagle 5% Split
|April 25||$1,67 per kg FOB|
|April 20||$1,65 per kg FOB|
|April 14||$1,60 per kg FOB|
|April 11||$1,57 per kg FOB|
|April 7||$1,55 per kg FOB|
|April 4||$1,52 per kg FOB|