Unjha’s cumin prices are likely to make new highs due to its good demand
Some declines in the cumin prices are under remarks. But, it will not last long because there is a shortage of cumin, which will increase its price. There is good demand for Jeera (cumin) in the domestic market as well as from Bangladesh. If prices fall for some time it immediately goes up due to its demand.
In Unjha Market Yard, the stock is getting clear gradually. There is a general demand for 6700 bags against the arrival of only 6000 bags of cumin. The cumin price range in Unjha Market is USD 4818 – 5625 per tonne. In the month of June, there is no possibility of a recession in cumin, which may lead prices to cross the level of USD 6060 per tonne.
80% of the crop has been harvested in the State of Rajasthan
Daily approximately 2000 to 2500 bags of cumin are arriving in Rajasthan. As per estimate, 80% of the crop has been harvested which comes to 3 Million Tonnes of cumin. The remaining 15 – 20% of the crop is occupied by the farmers.
Syria is not giving the price of cumin
Indian cumin prices in the international market are higher than the prices in Syria. It is not giving the price of cumin for the last two days due to this reason. Last week’s price of cumin was traded between USD 4800 – 5200 per ton in Syria, while the price of Indian cumin ranges between USD 5650 to 5700 per ton in the international market.
Till now, 50 containers of cumin have been imported from Syria and its shipment will be either at the end of June or in the first week of July. The containers will arrive at the Indian port in the first week of August. Importers will re-export imported cumin, and its chances to come into the domestic market are less.
International cumin stock availability
In Syria, the availability of cumin crops is 45 – 50k Tonnes. In Türkiye, its 4 – 5k Tonnes. The estimate of Afghanistan is around 10k Tonnes. Similarly, in Iran, it’s 10k Tonnes, and 17 – 18k Tonnes in Pakistan.
Only Syrian cumin was sold in the international market, till last week. Due to rains in China, the cumin crop has been much less than expected, and Türkiye’s & Syria’s seeds. It is not likely to have any effect in India due to its poor quality.
Synopsis
Jeera’s fundamentals are weak but due to the strengthening of speculators’ grip, futures may cross USD 6 per kg level in July and USD 7.5 per kg in July or August. The increase in the demand for cumin from both the domestic and international market prices takes support and tries to go high. At present, the purchase of cumin at the domestic counter is very good.
- “Strong hold of speculators in Jeera likely to reach USD 6 in June and USD 7.5 in July-August” – Yogesh Mehta.
- “With the fundamentals being strong and real shortages, the rally will continue for a long time” – Banwarilal Agarwal
- “Unjha best variety cumin price will go above USD 120 (per 20kg)” – Sitaram Patel.