Current Scenario
Steady to firm sentiment witnessed in Jeera Unjha spot market today. The supply was reported down by 30% last week due to the Makar Sankranti holiday when markets were closed. Also, farmers and stockists are holding their stocks on expectations of higher prices in the coming days.
Traders say that there is a decline of about 34 percent in the sowing of cumin seeds this year. At present, the business has completely gone under the control of the bookies.
Factors affecting the Market
This week, the rates of Cumin were up. The primary reason for this was Rajasthan having poor weather for a few days and good demand for finished goods. And if the weather remains bad, there may be some damage to the crop. Currently, the climate is favorable, and standing crops are reported well in Rajasthan and Gujarat.
Farmers and traders have responded to the report that the doors of 35 countries have been closed for the export of Cumin. According to them, even though the big buyer countries have imposed heavy rules for importing Cumin, it is not an issue. If the Cumin is not available anywhere, those countries may have to relax the regulations on imported Cumin.
Prediction
If the weather clears, then arrivals in Mandis should increase as selling pressure should come at higher prices. The Market has grown a lot in the last 2-3 days, so experts think to book profits at these prices.
Bottomline
Traders said that the market sentiment is getting affected due to the higher than expected price of fresh Cumin in Gujarat. Because of this, it may remain firm in the coming days until further inward pressure builds up. Also, hopes are high regarding the new cumin arrivals from February, and it is likely to open at higher prices.
Prices
- Cumin A Grade 99% Pure stands at $2,27 per KG
- Cumin FAQ 99% Pure stands at $2,18 per KG
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