India: Coriander prices fall by 7% in Mumbai
The fall in price is attributed by commodity market brokers to the larger 15% decline over the same period in coriander futures on fears of possible Sebi action to curb speculation in the counter.
Coriander futures slumped 15% over the last four days to 10,250 per quintal. There is panic that coriander futures have erased all the gains made in 41 trading sessions through October 12 in just four days.
Trading did not happen over the last few days as not many traders were willing to buy at lower levels over fears of possible Securities Exchange Board of India (SEBI) action.
Coriander futures took 41 days to rally 15% from Rs 10,669 on August 12 to Rs 12,297 on October 12 on expectations that due to a poor monsoon season this year, the soil would be affected and result in lower output.