India: Coriander market stays resilient as lower arrivals support prices

• Spot prices strengthened during the review week despite mixed futures positioning
• Lower arrivals tightened near-term supplies, while warehouse stocks remained largely stable

India’s coriander market remained resilient during the week ended 10 July, supported by lower arrivals and steady buying interest from domestic processors and stockists. Average daily arrivals declined 5.6% week on week (WoW) to 2,163 tonnes from 2,291 tonnes, tightening spot availability and providing support to prices across major trading centres.

Spot prices extend weekly gains

Spot prices advanced in both benchmark markets during the review week. Gondal prices increased 2.1% WoW to INR 15,697/quintal from INR 15,379/quintal, while Kota prices rose 2.5% WoW to INR 15,882/quintal from INR 15,489/quintal. The gains reflected reduced arrivals and sustained buying by traders amid comfortable but not excessive inventories.

The market has remained broadly steady in the current week. On 15 July, coriander traded at around INR 15,488-15,490/quintal in Gondal and INR 15,776-15,781/quintal in Kota. Although these quotes were marginally lower than the previous week’s closing levels, they suggest that the market continues to consolidate after recent gains rather than witnessing any significant correction.

Deferred contracts attract fresh participation

Open interest (OI) trends were mixed across futures contracts. The August contract recorded a 2.5% WoW decline in OI to 24,630 lots from 25,270 lots, indicating profit booking after the recent rally. In contrast, OI in the October contract increased 12.2% WoW to 4,275 lots from 3,810 lots, reflecting fresh positions in deferred contracts as participants assess the medium-term supply outlook.

Stocks remain comfortable

Warehouse inventories showed only marginal movement during the week. Kota stocks eased to 1,476 tonnes from 1,506 tonnes, while Gondal stocks edged up to 15,595 tonnes from 15,573 tonnes, indicating that overall stock availability remains adequate and is not exerting immediate pressure on prices.

Outlook

The coriander market is expected to remain stable to firm in the near term, supported by relatively lower arrivals and balanced stock levels. However, the pace of domestic buying, export demand, and fresh arrivals in key producing centres will remain the primary factors influencing price direction over the coming weeks.