Bangladesh’s Ramadan demand has recently halved, and China has shown no interest due to the diversion of some countries towards Türkiye-Syria. Though the domestic and international market has been met until now, the recent arrival in each shop in Gujarat and Rajasthan is less than half as compared to last year. There’s been a decline in the average amount of arrivals, while the overall season’s arrival has reached 75%. Market Whispers state that the extraction of 0.17-0.18 million bags of cumin annually indicates a steep hike to $6,70 in the coming month.
Experts believe cumin prices will remain stable until July because of the solid fundamental positions. However, from July until Diwali, cumin prices are expected to rise above $6,70 per kg due to a strong rally in the market. Despite the steady price growth, demand at higher prices has decreased, resulting in a downward fluctuation in the spot market.
The volatility of cumin prices is a product of various global factors involving supply and demand influences. One thing to bear in mind, however, is that the crop has not been exhausted yet, which leaves room for limitless possibilities. The export of cumin is stuck in China. Due to the demand of some countries being diverted towards Türkiye-Syria, the export demand is currently stuck. Due to the stoppage of the domestic market at high prices, the prices have come down, but due to the strong fundamentals, there will be a massive boom in the future.