A situation has arisen where only India can supply cumin to any country in the international market. The result is the price of the spice is expected to reach $3,13 per kg by August 15.
India is likely to have a monopoly in the market because Turkey’s cumin crop is about 3000 tons, and the price of Turkish cumin is currently $3,65 per kg.
The cumin crop in Syria is about 5000 tons, and the price of Syrian cumin is $3,50 per kg. The production is low because Syria experienced a drought due to the lack of rains between March and May, the lowest in ten years.
Iran’s cumin crop is minimal, and the only buyer of Iran’s cumin is Japan. The price of Iran’s cumin is currently quoted at $4,20 per kg. There are reports of a cumin crop of 7 to 8 thousand tons in Afghanistan, and the prices of cumin seeds in Afghanistan are also running very high.
In the Gulf and Far East countries, till now, the purchase of the commodity has been hand to mouth, and currently, the stock is meager. New purchases are expected to start after the Eid holiday in Bangladesh. It has been reported that two to three trucks have started operating daily from Kolkata via the highway for several days.
It is expected that the new business of cumin will start from the first week of September as it is summer vacation in European countries and America.
China has started aggressively buying cumin. Last week China bought 2,500 to 3,000 tonnes at a time, and there was a rapid rise in cumin prices in the local market. In the international market, the cost of cumin increased by 150 to 200 dollars per ton.