On November 15, the price of Cumin increased after the market closed at a bearish trend on November 11. In spot markets of Unjha, the price of the spice was up by $0.67 and $0.94 at Rajkot. For both the places, the prices were calculated for 20kgs.
Currently, the market is going strong for Cumin since there is demand for the export of spice.
Market Sentiment
Countries like Syria and Turkey had poor production of Cumin, resulting in countries that import the spice looking towards India to fulfill their demand. Moreover, with the relaxation of travel bans and other Covid lockdown restrictions across south Asia, European countries, and the USA, there is the expectation the export demand will rise, which will help the cumin price in the market.
Furthermore, farmers and stockists are no longer interested in releasing the products amidst lower prices has also impacted the price hike for cumin varieties in the last few days. However, farmers and traders are already aware that there will be a good demand for the spice in the coming days since there is less production of Cumin across India as many farmers have shifted to cultivating crops like Coriander, Fennel, Soyabean, and Groundnuts.
By combining the lesser crop production and good domestic and international demand, traders and farmers expect a higher price for the crop in the coming days.
Arrival
- On November 15, Unjja received 13,000 bags weighing 20 kgs each.
- On the same day, Rajkot recorded the arrival of 5,500 bags of 20 kgs each.
Price
Cumin A Grade 99% Pure
| Date | Price |
| November 15 | $2,15 per kg FOB |
| November 11 | $ 2,13 per kg FOB |
Cumin A Grade 98% Pure
| Date | Price |
| November 15 | $2,07 per kg FOB |
| November 11 | $ 2,05per kg FOB |
Cumin FAQ 99% Pure
| Date | Price |
| November 15 | $2,06 per kg FOB |
| November 11 | $ 2,04 per kg FOB |
Cumin FAQ 98% Pure
| Date | Price |
| November 15 | $2,02 per kg FOB |
| November 11 | $ 2,05 per kg FOB |
In this month, Cumin has already experienced price hikes twice apart from the one on November 15. On November 8, the day the markets opened after Diwali, the price increased after it experienced a slump on November 2 and then on November 10. The price decreased before climbing back.
Prediction
The overall production of Cumin for the market year 2021-2022 is expected to be less by 59,650 MT than last year when it was recorded for 451,451 MT. The lowering of production to 391,801 MT is expected to boost the price of Cumin in the coming days. Currently, the sowing of Cumin is completed by 10 to 15 percent in Gujarat and Rajasthan.
Farmers and stockists are aware that there is lesser production of the spice by 1.1 million bags this coming market year, increasing the crop price; they are waiting patiently before releasing the crop in the market to get a better price.
According to market experts, cumin prices will go up in the coming days because of lower crop production amidst good demand.
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