Demand will now be observed after the end of summer vacation in the Gulf, Far East, America, and European countries.
The cumin crop in Syria and Turkey is very low in the current year. The crop of cumin in Syria is around 2000 tons, which was normally seen from 15 to 20 thousand tons in earlier years. Syria bought cumin seeds from India for around $3.250 to 3.300 per tonne and is currently being offered in the world market for $3.700 to 3.800 per tonne. A few days ago the price of cumin in Syria was $4.000 per ton but due to less demand at higher prices, the price had to go down.
The crop of cumin in Turkey is only 1500 tons, which usually remains around 8 to 12 thousand tons every year. Turkey also bought cumin seeds from India for $3.250 to 3.300 per tonne and offered at $3.750 in the world market.
There is no huge stock of cumin in Afghanistan, so there is no offer of cumin from Afghanistan in the world market. Similarly, is the situation with Iran. The production of cumin in Iran is to be bought only by Japan. Japan does not buy cumin from any country except Iran.
With the end of summer vacation, the markets of the Gulf, Far East, USA, and Europe are now open from 1st September. What do these countries offer now? Everyone has an eye on the market as the price of cumin is almost double last year. Traders suspect, will there be demand at higher prices or not? At present they are unsure.
The economic condition of Egypt has become like Sri Lanka, therefore it is not certain whether Egypt will have a good demand or not. The demand for cumin in China is very slow at present and due to the deteriorating economic condition of Bangladesh, the demand for cumin is slow there too.
Market Experts state that the price of cumin in the Indian market increased at one time per kg to $3,35 per kg which has come down to $3,20 per kg. If demand rises at the current levels, prices may reach new heights and if the demand remains slow then the price can go down by $3,20 per kg.
The Cumin seeds grade A prices were Recorded at $3,19 per kg FOB.