Though the sowing area was less in Madhya Pradesh and Rajasthan this time, the yield was better.
Apr 08, 2019, 08.13 AM IST
Another factor for the price rise is the robust purchase by curry masala companies, for which coriander is a key ingredient.
Kochi: Fall in
and increase in local
prices about 40 per cent higher than last year’s price of around Rs 70 per kg. As harvest is getting completed in the chief producing states of Madhya Pradesh, Rajasthan and Gujarat, the industry expects a decline in
“It is likely to be 15 per cent less than last year’s,” said PCK Maheswaran, partner, PC Kannan Co. He said the carryover stock is likely to be less by 10-15 per cent. The Spices Board’s estimate for 2017-18 crop was around 8,66,000 tonnes.
Though the sowing area was less in Madhya Pradesh and Rajasthan this time, the yield was better. But the crop in Gujarat is expected to be 25 per cent less as lower prices and insufficient rain forced people to shift to other remunerative crops, said Maheswaran. The three states together account for 90 per cent of the total coriander production. Another factor for the price rise is the robust purchase by curry masala companies, for which coriander is a key ingredient. “They are buying heavily as they fear a shortage later. They prefer the new stock to the older one,” said V Kartik, partner, Asian Spices.
The coriander April contract for delivery at National Commodity and Derivatives Exchange (Ncdex) closed at Rs 71. 47 per kg, higher than the mandi price of Rs 70 per kg. A year ago, the price was around Rs 50 per kg. The industry expects prices to move up in the coming weeks. “Prices have to stabilise, otherwise imports could happen,” said Ritesh Kumar Sahu, analyst at Angel Commodity Broking. Russia and other Eastern Europe countries are good producers of coriander.
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