The current year was prosperous as no heavy downfall was witnessed, and the charts saw a positive uptrend from Jan to Dec. Cumin fell in May and continued to see a slippery trend in June. But it reached the new $3,01 per kg in July, and the bullish rally stayed intact in August. But in September, it saw a minor De-growth. In October, November and December, the commodity saw a gradual rise and reached the level of $3,90 in December.
January-April
The new crops of Cumin arrived in February, but due to climatic conditions, the crops started coming in March as there were anticipations of high moisture content in Cumin. They seemed to be speculations as the crops that arrived in major domestic shops were suitable. However, in April, Cumin saw a minuscule downtrend and the reason for this is as the prices skyrocketed, the interest of stockists was reduced to further procure and demand decreased. This was also when the war between Russia and Ukraine began. Thus, this chaotic situation supported the cumin market.
May-August
However, the months of April, May and June were not so good as the prices of Cumin fell, and many factors affected the market sentiment. The overprice of Cumin resulted in less interest from stockists in April. China, the major importer of Cumin from India, limited the procurement to the bare minimum level due to the failure of compliance with pesticidal residue. In the same duration, Bangladesh went to Afghanistan to suffice their cumin needs in May; thus, the import of Cumin fell by 13%. July became the game changer for Cumin as the export demand surged, but local demand was negligible. The market sentiment was mixed as some believed that the demand was fabricated to create hype in the market. Still, we cannot ignore the fact that China had relaxed lock-down guidelines, and significant export trades were also taking place. Furthermore, Cumin grew steadily in August but a rumour spread in the market that the cumin production had increased compared to last year greatly affected the market sentiment as wholesalers sold their stocks.
September-December
Again after trading at high prices, Cumin saw a consolidated trend in October as there was uncertainty in the market regarding cumin production. On the other hand, retailers and stockists had high hopes for Diwali demand. Still, it was not seen as expected, which disturbed the market, and above that, the news of adulteration from the Unjha market disturbed the transaction to the maximum extent. At the end of the year, Cumin saw a slippery trend as the sowing was late. In addition, the fluctuations of the currencies in front of the dollar make importers repulsive to execute the buying. However, in the last month of the year, Cumin was at an all-time high, and the export demand supported the market as the freight charges were relaxed.
To sum up, Cumin became a gold commodity and gave profits as predicted earlier. However, various factors at diverse stages affected the market. Still, the uptrend continued, and the future of this hot commodity seems to be profitable, as the experts opine that the new demand will rise from China in the next year.
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