- Prices rise INR 200-400/quintal w-o-w
- Stockist buying and lower arrivals drive gains
Over the last week India’s coriander market has shown a clear upward movement across both spot mandis and NCDEX futures, although early signs of profit booking are now visible. In key markets like Ramganj Mandi and Baran, coriander prices increased by INR 200-400 per quintal w-o-w, with Badami quality rising from around INR 12,300-12,500 to INR 12,700 per quintal. In futures, NCDEX coriander moved from approximately INR 12,150-12,200 levels to around INR 12,392, indicating a steady upward trend during the week.
The rally has been primarily driven by tighter physical supply. Arrivals in major producing states such as Rajasthan, Gujarat, and Madhya Pradesh have remained below trade expectations for peak arrival season. Even where arrivals were visible, a large portion of the produce was absorbed directly by stockists and traders. For instance, Baran mandi reported arrivals of around 600-700 bags, but prices still gained around INR 200 per quintal, reflecting strong buying interest. This aggressive stockist participation has reduced open market availability, keeping prices elevated despite ongoing harvest pressure.
On the demand side, domestic consumption continues to remain firm, which has supported the market even as export demand remains slightly subdued due to geopolitical uncertainties in key importing regions. However, the strength of local demand has offset this weakness, preventing any sharp downside in prices. Additionally, mandi closures till 2 April and expected reopening from 3 April onward may lead to a temporary spike in arrivals, which could create short-term pressure.
From a technical standpoint, the futures market is showing signs of slowing momentum after the recent rally. The formation of a Shooting Star pattern in the current session, along with earlier bearish signals, suggests resistance near INR 12,500-12,700, while support is seen around INR 11,800-12,000. This indicates that the market may enter a consolidation or mild correction phase in the near term.
Looking ahead, in the coming 5-7 days, coriander prices may witness some profit booking, especially if arrivals increase post-mandi reopening. However, the overall structure remains supportive due to tight supply and continued stockist interest. Any downside from current levels of INR 12,700 in spot and INR 12,392 in futures is expected to be limited.
For traders and stockists, the strategy remains to buy on dips rather than chase the rally, as the broader trend continues to stay firm despite short-term volatility.
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