Price of cumin rises due to producers holding back stocks and strong demand

27-Jun-2024 03:23 PM

Rajkot. Despite excellent production, the domestic market price of cumin has once again started rising and rising because on one hand, due to large producers and dealers holding back stocks of goods,

its supply in major markets is limited, while on the other hand, its domestic and export demand remains very strong.

Last year, the price of cumin had jumped sharply to an all-time high and then decreased to normal levels. Now again, there is a murmur of rise in it.

According to trade analysts, producers have started holding back stocks of cumin in anticipation of further price rise, while the increasing demand in the global market remains strong.

From July to September, India will have to face competition from countries like Syria, Afghanistan and Turkey in the international export market of cumin,

but by October, the price of Indian cumin can rise to Rs 36,000 per quintal. It is noteworthy that in October 2023, the price of cumin jumped to a peak of Rs 64,000 per quintal, but it is difficult for prices to reach this level in the current year.

Sowing for the new crop of cumin will start from October 2024. According to an analyst, the price of cumin in the next two months can rise to Rs 35,000 per quintal.

Although there is sufficient stock of cumin available in the country, its supply has started decreasing in major mandis.

So far only 50 percent of the cumin has been withdrawn (sold) by the producers while the remaining 50 percent stock is safe with them. From April till now, the futures price of cumin has increased by 26 percent to Rs 29,500 per quintal.

On the other hand, the price of cumin in Gujarat's benchmark Unjha Mandi is running between Rs 27,900-29700 per quintal, which is likely to increase further.