Yesterday, the market price of cumin closed at ₹22,290, up 0.29% on subdued demand and shortage of stocks. Despite the low demand, there is sufficient stock to meet the current export demand. Farmers have around 20 lakh bags of cumin, of which only 3-4 lakh bags are expected to be traded by the end of the season, leaving around 16 lakh bags for export. Despite these shortages, the current surge is somewhat limited due to low demand. India’s cumin production has increased dramatically from 11.87 lakh hectares to 8.6 lakh tonnes in the 2023-24 season, as compared to 5.77 lakh tonnes from 9.37 lakh hectares in the previous year.
With Indian cumin being the most affordable cumin in the world, export demand from China and Europe is increasing, which is pushing up prices. Exports have been significant, with cumin exports increasing by 77.37% from April to October 2024, totaling 135,450.64 tonnes. Exports in October increased by 161.04% year-on-year, further improving market sentiment.
