India: Coriander physical market defies futures weakness as tight availability keeps traders bullish

• Spot markets command premium over NCDEX futures despite operator-led pressure
• Ramganj and Madhya Pradesh mandis report steady demand amid moderate arrivals

India’s coriander market remained strong on 11 June, with physical prices remaining firm despite weakness in NCDEX futures. Trade participants reported that spot fundamentals remain significantly stronger than futures sentiment, reflecting tightening availability of quality stocks across major producing regions.

NCDEX coriander futures settled lower, with the June contract declining INR 66 to INR 12,680/quintal, August falling INR 84 to INR 13,044/quintal and October losing INR 110 to INR 13,628/quintal. However, physical markets continued to trade at a premium to futures, signalling strong underlying demand and limited spot availability.

Physical market remains firm

In Ramganj Mandi, Eagle quality traded at INR 12,800-13,400/quintal, Badami at INR 12,500-13,000/quintal and Scooter quality at INR 13,800-14,400/quintal, while sortex-clean material fetched INR 15,000-16,200/quintal. Market arrivals were reported at 2,200-2,500 bags.

Across Madhya Pradesh, arrivals remained moderate at 5,000 bags in Guna, 2,000 bags in Kumbhraj and 800 bags in Ashok Nagar. Traders described demand as satisfactory with markets largely unchanged despite continuous arrivals.

Delivery dynamics in focus

Market participants noted that quality coriander stocks are becoming increasingly difficult to source at lower prices. Procurement costs in physical mandis remain elevated, while futures prices continue to face pressure from speculative selling. Traders believe that if buying interest shifts towards taking actual delivery rather than paper positions, available stocks could tighten further and expose short sellers.

Outlook

With arrivals failing to create meaningful pressure and spot prices maintaining a premium over futures, coriander fundamentals remain constructive. Export demand, stockist participation and delivery-led buying will be key factors determining whether the market extends its upward trajectory in the coming weeks.