Jeera yesterday decreased by -2.2% to 57915 as a result of an improvement in supply conditions around the world. However, the drawback is not as great as the supply is constrained by the wet weather. In the following days, the demand for Indian exports would decline due to cheaper prices for Syria and Jeera on the international market.
The dry weather in Gujarat will also cause a spike in arrivals, which will stop the increasing trend. The price of cumin has temporarily corrected due to imports and exports from China, with a recent $200 drop in the international market. The market dynamics are made even more unpredictable by the potential for China to purchase Indian cumin in October or November prior to the introduction of fresh cumin.
Cumin demand is expected to exceed 85 lakh bags this year, with a likely supply of 65 lakh bags, according to FISS projections. The amount of jeera shipped from April through June 2023 increased by 13.16% to 53,399.65 tonnes from 47,190.98 tonnes exported from April through June 2022.
Around 10,411.14 tonnes of jeera were shipped in June 2023 compared to 25,903.63 tonnes in May 2023, a decrease of 59.81%. Around 10,411.14 tonnes of jeera were shipped in June 2023 compared to 21,587.63 tonnes in June 2022, a decrease of 51.78%. A significant spot market in Unjha saw the price end at 59891.8 Rupees, down -0.12 percent.
