Cumin prices may improve if export demand is strong
04-Jul-2024 05:05 PM
Mumbai. No doubt, there has been a tremendous increase in the domestic production of cumin during the current year as compared to last year and big producers and stockists also have a good amount of stock of goods, but they are showing very little interest in selling it at a lower price. On the other hand,
the arrival of new cumin goods in rival exporting countries like Syria and Turkey is likely to pick up soon, which may increase the challenge for Indian exporters in the global export market.
But one special thing is that the quality of Indian cumin is very good and its export offer price also remains at a competitive level.
If the prices in Syria and Turkey do not fall or fall less, then India will not face much difficulty in increasing the export of its stock.
Another important fact is that there is a possibility of a sharp decline of 35-40 percent in the production of cumin in China during the current year as compared to last year, due to which there may be a huge increase in its import from India.
The interesting fact is that new consignments of cumin are still arriving in China, but despite this, it had contracted its import in 100 containers from India last month.
Some deals are also likely to be made during the current month as Indian cumin is currently available at attractive price levels and China needs its huge imports. China has emerged as the most prominent buyer of Indian cumin in recent years.
On an average, 10-12 thousand bags of cumin are arriving daily in Unjha Mandi of Gujarat, which is considered to be much less than the normal level.
The demand for cumin in May-June was also somewhat weak, due to which there was no sharp rise in prices. If the new crop of cumin arrives late in Turkey and Syria as expected,
then India can benefit. If the export demand is strong, then the price of cumin may improve further from the current price level, but there is no possibility of a sudden sharp rise because a good stock of this important spice crop is still present in the country.