In the dynamic world of spice trading, the price of cumin, a cherished culinary treasure, is poised for a captivating journey. Experts predict that cumin’s price range will sway between $6.99 and $7.59 per kilogram throughout September, with an anticipated auspicious surge in October.
The fundamentals underlying cumin’s market performance remain robust, with a tantalizing twist – there’s still a five-month wait before the arrival of the new harvest. The domestic demand for cumin is set to flourish during the two-month festive season spanning September to October, followed by the bustling wedding season. Yet, this heartwarming spice faces formidable foes in the form of resolute farmers and well-stocked traders.
Low demand – stable prices
While domestic demand flourishes, the export market remains relatively quiet. There is currently no significant export demand for cumin until Diwali, ensuring stable prices for the time being. Furthermore, cumin futures show no signs of substantial expiry pressure due to the manageable 3,000-tonnes expiry in September. Intriguingly, cumin’s upward trajectory is projected to extend until October. A shift in dynamics looms in November with the commencement of cumin sowing, anticipated to increase significantly due to the memory of record-high cumin prices. As November dawns, the futures market for the new cumin crop will open from the 1st to the 10th, offering investment prospects for astute traders.
The spice market reflects its unique alchemy, where the interplay between fundamentals, demand, and speculation will continue to season the cumin trade. While price surges are anticipated, astute traders know the potential for reactionary declines. However, a bearish trend is not foreseen in the spot market, bolstered by low cumin stocks and the promise of a new season.
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