A decrease in local supplies caused a 0.5% small uptick in the jeera market yesterday, which closed at 63175. With millers maintaining fewer inventories, holiday demand for jeera has piqued stockists’ interest. However, exporters are not now benefiting from the price competitiveness of Indian jeera, which may slow down export activity in the upcoming weeks.
The overall exports have also been hurt by the decreased purchasing from China, a significant buyer of Indian jeera. Uncertainty lurks as China may think about acquiring Indian cumin in October or November prior to the arrival of the fresh crop. Additionally, Gujarat’s dryer weather is anticipated to increase arrivals, thus containing price increases.
The demand for cumin is expected to outpace supply this year, with exports rising by 13.16% from April to June 2023 in comparison to the same time in 2022, according to FISS estimates. Exports of jeera fell in June 2023 by 51.78% compared to June 2022 and by 59.81% compared to May 2023. Prices in Unjha’s main spot market closed at 61348.5 Rupees, up 0.25%.
