Coriander Fut to remain supportive on sowing concern: Dani

Dani Commodities' report on Coriander futures

Coriander futures are likely to scale new contract highs in the near term with the anticipation of weak sowing in the current year along with steady trend in local mandies *The NCDEX futures settled 1.10 % higher in the last trading*

As per market sources, below average temperature in major coriander producing areas such as Kota , Ramganj and Tonk will discourage the sowing of a coriander crop as coriander plants desire frost-free tropical climate during the flowering and seed formation*The sources also added that better price realization from Mustard seed crop will also divert the coriander farmers towards mustard seed crop*Therefore, possibility of poor acreage in the current year will reduce the total coriander production in the current year.

The spot prices of coriander futures have also reported steady trend in the last trading *The spot prices of Coriander Eagle and Badami quality added Rs 100 per quintal to trade in the range of Rs 6200-6400 per quintal*The average daily arrivals were seen in the range of 8000-9000 bags in Ranganj mandi*

The NCDEX December Futures made its new contract high of Rs 7390 per quintal in the last trading to settle at Rs 7339 per quintal*The future contract added 1.14% in the previous trading indicating fresh buying by traders and stockiest*Technically, prices are likely to gather some buying from 7230-7250 levels while resistances are likely at 7390-7420 levels in the near term*

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