Ncdex Intraday Updates

Speculators buying might persist in coriander futures from the lower levels on the heels of anticipation of fragile coriander production in the current year coupled with poor arrivals in the major mandies. The NCDEX futures recovered almost 4%from the lower levels in the last trading.
Sources suggested that higher prices of chana and wheat might divert the coriander sowing area in major producing states such as Rajasthan and Gujarat. This might reduce the overall production of coriander crop in the current year.
The total daily arrivals of coriander reduced to 1500 and 1700 bags at Kota and Ramganj mandi. This was mainly due to strong supplies of wheat in these mandies. While the spot prices were trading in the range of Rs 3600-3800 per quintal at major mandies, up almost Rs 100 per quintal from the last day .
Consequently, the NCDEX October futures settled at Rs 4121 per quintal with the gain of Rs 138 per quintal in the last trading. The NCDEX contract decreased almost 400 positions in open interest indicating short covering by traders at lower levels. Technically, the NCDEX futures are likely to witness some supports at around Rs 3860-3900 per quintal while resistances are likely at Rs 4250-430 per quintal in the near term.