Cyclonic storm 'Biparjoy' has passed, but it has left a significant impact on cumin prices in Gujarat's Unjha mandi. The reduced arrival of cumin coupled with increased buying has caused prices to surge, crossing Rs 10,000 per 20kg. This blog explores the current situation, market sentiment, and the potential future trajectory of cumin prices in the region.
Impact of Cyclonic Storm 'Biparjoy'
The cyclonic storm 'Biparjoy' has subsided, leading to moderate activity from exporters, consuming states, and local stockists in the cumin market. As a result, the demand has increased, and some profit-booking by stockists has begun. However, the current supply of cumin remains weaker than normal, contributing to the bullish trend in the market.
Rise in Cumin Prices
Due to strong buying by stockists in the local wholesale grocery market, cumin prices have surged by Rs 300-325 per 25kg. The price of Cumin Singapore has reached 580 rs/kg, and if the upward trend continues, it may soon touch a record high of 700 rs/kg. The lower-than-expected demand and sustained demand from other countries, including China and Bangladesh, have contributed to the increase in prices.
Impact on Cumin Exports
Despite the record-high prices in domestic markets, cumin exports have been affected. Data from the Spices Board reveals a 14 percent decline in the quantitative export of cumin in the financial year 2022-23 compared to the previous year. However, there has been a significant increase of 25 percent in earnings from cumin exports.
Unless there is a substantial increase in the arrival of cumin in the coming days, prices will likely continue to rise and potentially reach their highest level. The current market sentiment, along with the demand from various countries, including China and Bangladesh, will play a crucial role in determining the future trajectory of cumin prices in Gujarat's Unjha mandi.
Don't forget to checkout our detailed blog on cumin varieties.