The wholesale price of cumin seeds in Unjha broke all the old records and set a new high. Unjha Mandi-based trader Mr. Jatin Patel said that the market sentiment is getting affected due to the recent significant rise in export demand. Due to this, there is a strong expectation of cumin seeds to go further high in the coming days.
Cumin seeds rose by $0,03-0,05 to the $2,79/2,84 per kg level due to strong buying by stockists in local wholesale grocery market. Traders say that due to the news of a bullish trend coming from Unjha, the main hub of cumin and increased demand from the domestic and export markets, cumin has touched its new level.
He further said that due to the latest increase in cumin seeds, the arrival of cumin seeds in the market has increased slightly to about 10-12 thousand sacks. The latest spurt has come even after the arrival of cumin has almost doubled as compared to the previous week. Especially the demand from China is said to be very good.
Also, another trader based in Unjha, told that the arrival of cumin has increased to about 10-11 thousand sacks, yet there was a significant rise of $0,06 per kg due to strong buying support at every price. The latest rally in cumin was also supported by demand from exporters.
Both the traders said that even after heavy rains in Gujarat, especially in Saurashtra and South Gujarat, and floods in many places, there is no negative impact on cumin trade so far. Although North Gujarat has received only light rain this time. On the contrary, the increase in the price on FOB basis is definitely indicating that there is a strong possibility of further increase of cumin in the spot markets.
Experts say that if the support for the active exporters continues like this, then in the coming times, a further rise in cumin can be expected.
The Cumin A Grade 99% Pure prices were Recorded at $2,92 per kg FOB