On Monday, after the market opened, it stayed upbeat. At the beginning of the last week, it experienced a slight price correction, but the sentiment is currently stable for the spice.
Current Scenario
- The domestic demand for the commodity is good and will stay that way.
- The low production of the spice will support the market. The expected output is likely to be between 4,4 million to 4,5 million bags of cumin this year. It can reach 5,1 million bags at max compared to last year’s 7,1 million bags.
- The production of the crop is down by 40 percent this year. Furthermore, out of the existing crop available in Rajasthan and Gujarat, 30 percent is of poor quality.
- There have been reports of good demand for spice from Nepal and Bangladesh in the last few weeks.
- There are reports of the export market getting a bit weak this week, mainly with the slow demand for Cumin from China. In addition, it is due to the increase in coronavirus cases in the country.
- China is one of the leading importers of Indian cumin.
- The import demand among the Gulf countries and Bangladesh is slow because they have already fulfilled their stock for Ramadan.
- The import from these countries will pick up after their festival.
Prediction
If coronavirus cases increase in China, then the Indian cumin seed market can undergo a temporary correction. But with good export demand from other countries, the price will prick up.
Reports also suggest that cumin’s export figures will not go below 200 thousand tons.
The price of cumin can reach $3,39 per kg in April.
Price Trend
Cumin A Grade 99 percent
| Date | Price |
| March 14 | $2,83 per kg FOB |
| March 10 | $2,82 per kg FOB |
| March 7 | $2,80 per kg FOB |
| March 3 | $2,81 per kg FOB |
| March 1 | $2,77 per kg FOB |
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