The NCDEX November Coriander contract has fallen 3.91% so far this week closing on Thursday at Rs 4960 per quintal. On Friday afternoon, coriander futures further tumbled 1.78% to Rs 4901.
Analyts attribute lack of demand, strong carry over stocks in major mandies, higher acreage expected in the current sowing season for the continued fall in prices.
In some parts of Madhya Pradesh sowing had already started before Diwali. Total stocks of Coriander are estimated at 28-35 lakh bags (1 bag= 40 kg), registering a 20% growth in corresponding period in 2010.
According to Spices Board, for the period April – August 2011, Estimated export of spices is around 1,95,500 MT with value of 751.52 million US $. Of this, Coriander has share of around 6.52% quantity wise (12,750 MT) and 2.23 % value wise (Rs.75.38 crores).
For the FY 2010-11, India exported 40,500 MT coriander with total value of Rs. 166.63 crores. Indian Production figure for year 2010-11 is estimated to be around 2.8-3 Lakh MT.