Coriander futures extended its weak trend due to rise in new crop arrivals. Coriander arrivals in the key markets of Rajasthan were around 16000 bags. The spice fetched Rs.4250 ($85.93, €65.01, £54.14) per 100 kg in Kota, down from Wednesday. As per market source, arrivals of crop sown in Rajasthan are likely to gain momentum by the end of this month.
However, coriander prices are expected to gain due to good demand from stockists. Likely fall in daily arrivals due to crop concern might also cushion the prices. Extreme cold weather in major coriander growing states may hurt the country’s total output. Coriander acreage in Andhra Pradesh was at 8870 hectares, down by 48 percent compared with same period last year.
Outlook for the day is negative. NCDEX March contract can test the support of Rs.4450 ($89.97, €68.07, £56.68) with resistance of Rs.4725 ($95.53, €72.28, £60.19).