NCDEX Coriander to remain bullish short term

Last Updated : 15 January 2013 at 09:00 IST

NCDEX Coriander to remain bullish short-term

Source :Commodity Online

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“Coriander is likely to continue its bullishness in coming sessions with strong fundamentals boosting the price sentiments. The futures are having good support at Rs.7140 and Rs.6950 levels,” said Melbin Noble, Research Analyst at Commodity Online.

AHEMADABAD (Commodity Online): Coriander futures on India‘s National Commodity and Derivatives Exchange (NCDEX) were bullish on Monday due to lower production estimates and significant fall in the coriander sown area.

On Monday at 16.50 PM IST all coriander future contracts hit the upper circuit.
“Coriander is likely to continue its bullishness in coming sessions with strong fundamentals boosting the price sentiments. The futures are having good support at Rs.7140 and Rs.6950 levels,” said Melbin Noble, Research Analyst at Commodity Online.

“It is likely to continue its journey to upside short term. Dips in prices will be a good buying opportunity in coming sessions,” added Melbin.

This year, coriander seed output is expected to decline by 30% compared to the last year.

Continuing cold wave in north India may impact coriander crop negatively. The total area under coriander in Gujarat has declined significantly.

Coriander production in the next season is estimated around 60-80 lakh bags (1 bag = 40 kg) against last year’s 1.10 crore bags – according to the traders.

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