Jeera rose 0.11% to ₹21,805 on low procurement and stock shortage, but the rise was limited due to weak demand and adequate stock. Farmers still have about 20 lakh bags, and only 3-4 lakh bags are estimated to be traded by the end of the season, leaving 16 lakh bags to be carried forward. Production for 2023-24 is estimated at 8.6 lakh tonnes, significantly higher than last year’s 5.77 lakh tonnes, with cumin being cheaper in India, attracting buyers from China and beyond. The price of Indian cumin is at $3,050 per tonne, while that of Chinese cumin is at $200-250, making India the only viable option for bulk procurement.
Additionally, geopolitical tensions in the Middle East over the past two months have boosted demand, which is helping Gujarat exporters. Festive season demand from Europe and other global markets has also boosted the market. Jeera exports increased by 74.04% to 147,006.20 tonnes from April to November 2024, as against 84,467.16 tonnes in the previous year. However, November exports declined by 28.92% to 11,555.56 tonnes from 16,257.44 tonnes in October, a year-on-year increase of 42.67%.
