Indian cumin consecutively saw an uphill run in the last 8-10 days, but the trade in the commodity is comparatively less. It is because China’s demand for cumin has been almost nonexistent for the last two and a half months.
Lock down effect…
China experienced a strict lock down for the last three months, and thus, many restaurants were closed. This situation resulted in low cumin consumption in China. Apart from this, the continuous weakening of China’s economy, all kinds of economic practices were also sub-optimal there. The shipment of cumin from India was delayed due to the corona guidelines, and thus, the goods experienced a delay in reaching the go-downs and retail stores. The payment has also been postponed due to the delay in processing the cumin documents, which were shipped earlier.
Currently, China is expected to have as much cumin stock as it can last for one to one and a half months.
Waiting for demand
Until the picture of a new Indian cumin crop is not clear, there is no possibility of increased demand for cumin from China. The need for cumin for the festivals of Ramzan will be good for the next one to one and a half months. Due to this, the market of cumin will continue to get support.
The demand of Pakistan and other Muslim countries is expected to be suitable for the next one to one and a half months. Usually, cumin is purchased from Muslim countries in Turkey and Syria every year. Still, due to the complete failure of cumin crops in these two countries in the current year, the demand for cumin from Muslim nations will come to India.
There is no possibility of recession from the present level as the demand for Ramzan will be supported by cumin for the next 1 month. If the export demand for cumin is high, then there is a possibility of a rise in cumin from this level.
The Cumin seeds grade A prices were recorded at $3,27 per kg FOB.
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