Commodity Analysis

Coriander loses flavour

Veeresh Hiremath | Updated on January 16, 2018 Published on October 16, 2016

Coriander was a major market mover on the NCDEX last week. The November contract tumbled by about 6 per cent to make a low of ₹7,270 per quintal. The nearing of expiry of October contract and expectations of large quantities of stock delivery in November expiry dragged the prices down. Further, higher stocks at NCDEX warehouses and concerns regarding its quality weighed on sentiment in the futures market. Towards the end of the week, coriander futures contract recovered from its low and closed at ₹7,334 a quintal, down 4.75 per cent for the week. The three-day festival holiday during the week kept spot market trading too subdued. Prices mostly traded lower during the week on lack of active buying due to limited demand, both from domestic and export markets.

For the coming week, coriander futures are expected to continue their negative trend as weak spot market demand and higher stocks may continue to weigh on the futures market. However, short covering and prospects of lower sowing may limit any major fall in coriander futures. Sowing of dhaniya for the rabi season is expected to commence actively from the third week of October.

The writer is Head-Commodity Research, Karvy Comtrade

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