After having a good run in the market with the price for the last two days, coriander prices had a slump on Tuesday due to the high arrival of the spice. As a result, the prices declined by $0,34 per kg for Badami and Eagle varieties.
Almost across all the markets in India, there was more coriander arrival than last week. In Rajashtan’s Ramganj mandi there the arrival doubled, from 2,500 bags to 5,000 bags. So, while the selling increased, the buyers started retreating from higher prices. Compared to 65 thousand bags that arrived on Monday, there was an increase on Tuesday with 80 thousand bags in the country.
Both stockists and farmers are offloading their current stocks and waiting for the price to rise again. However, buyers are apprehensive of purchasing large stock amidst the sudden surge in the arrival of the spice.
Across all the mandis, the declining price in the auction remained from morning till the market’s closing.
With the rain receding in most areas like Uttar Pradesh, Madhya Pradesh, and Rajasthan and less waterlogging, there is a slight surge in the auction in Kota and Baran mandi.
Also, with time the domestic demand for coriander is picking up. Wholesalers, local mills, and the states of south India are increasing their demand for coriander.
It is expected that the market might change the trend from being bearish to bullish in the coming days.
At present, Coriander Eagle Quality prices are being offered by Exporters around $1,01 / kg.
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