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Coriander prices have surged by over 10 per cent in the last few weeks on short supply.
This follows a prolonged dry period in growing areas of Rajasthan, Gujarat, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.
Barring U.P., the rest of the regions have received deficient rainfall during monsoon this year, apart from a dry period that has prolonged from November.
Besides, the general uptrend in agricultural commodities has also aided the bullish trend. In the last few sessions, speculators have entered the complex tipping the scales further towards bullish movement.
On Thursday, coriander futures hit the upper circuit on the National Commodities and Derivatives Exchange with August delivery rising by Rs 20 to Rs 4,631 a quintal. On the NCDEX, September contracts rose by Rs 32 to Rs 4,780, while that for October delivery gained Rs 27 to Rs 4,900.
In the spot market at Kota, Rajasthan, coriander was traded at Rs 4,531.25 a quintal.
Total reported arrivals in Kota, Ramganj mandi and Baran (all in Rajasthan) were 6,000-7,000 bags (of 40 kg each) compared with 6,500-7,500 bags on July 24.
Analysts said that increased speculators’ activity and rise in export demand may provide further support. According to the Spices Board data, coriander exports increased 66.6 per cent year-on-year to 2,600 tonnes in April.
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