Price of Cumin has been on the rise since the beginning of week. We at Suman Exports tried to investigate reason of price surge of the Cumin, we feel following factors are affecting the prices of Cumin -
International Supply
Turkey has exited the international cumin market for the last 2 years.
Cumin crop in Afghanistan is only 40% to 50% in the current year compared to previous years.
Current FOB price of Indian Cumin in the international market is $ 2850/ton as compared to $3600/ton in Afghanistan, $3700/ton in Syria and $4300/ton in Iran.
International Demand
In June demand of China for cumin was just 300 containers due to strict lockdowns. There will be surge demand from China whenever the Lockdown eases.
Due to currency problems in Bangladesh from 15th May to Till now the demand for cumin seeds in Bangladesh is very less. Demand of Cumin seed is also expected to rise after Bakri-Eid (10th July).
Domestic since the start of improvement in cumin futures from June 23 the market demand is looking very good.
Currently in unjha there is a daily arrival of 7 thousand sacks, on the business board in front of him,15 thousand sacks and total 20, taking into account the outside trade, The business of thousand sacks is going on.
Domestic Report
Unjha is seeing arrival of approximately 8 thousand bags out of which 50% is old and 50% is new. Daily outflow from unjha is of 15-20 thousand bags.
Unjha is seeing 70% business of the old cumin seed vs 30% of new cumin seed.
The worrying figure is that 70% of the cumin crop has already arrived and the balance sheet of the stock is looking very tight as 8 months are still left until new season crop.
Cumin seed closed on INR 219/kg on 5th July 2022 and is expected to touch INR 250/kg on 15th August.
Send us your requirement details of Cumin Seed or any other spices commodities. Email us at spices@sumanexport.in