While demand has started to pick up again and ending stocks have decreased, cumin (jeera) prices have increased by roughly 10% since the beginning of this month. Cumin was quoted at 31,000 rupees per quintal, up from 28,350 on February 2 at the Unjha agricultural produce marketing committee (APMC) yard, a price-setter in the spice. Gujarat. Cumin for delivery in April began trading higher on the National Commodities and Derivatives Exchange (NCDEX) on Monday, opening at 32,205 a quintal versus the weekend closing price of 31,900, before soaring to 33,010. It was last traded for 32,700.
Geojit Commodities estimates that drops in cumin prices to between 31,250 and 30,800 are possible, but that the sentiment would turn more positive if prices rise over 32,100. Cumin prices reached a high of $33,000 at the beginning of the year before falling in response to news that the harvest was larger this year, weighing 4.14 lakh tonnes (lt), as opposed to 3.88 lt last year. The production of cumin, which fell by 20% the previous season, was estimated to be higher in a report presented at the International Spices Conference in Chennai last month.
In light of greater Indian production, it is predicted that overall production will increase to 4.35 lt from 4.08 lt. Prices decreased as a result of the new arrivals’ increased moisture levels (15–22% range). The daily arrival in Unjha was between 4,000 and 6,000 bags, but he claimed that because of the excessive humidity, purchasers were inactive.
Demand was predicted to increase as arrival moisture decreased.
“High pricing hindered shipments, resulting in a 22.77 percent decrease in cucumber exports last year at 1.89 lt,” Sharma added. Given that the area planted with cumin increased by 4.6%, mostly in Rajasthan where it increased by 13%, ITC Ltd predicted a higher production. This year, acreage in Gujarat decreased by 10%. The research stated that as a result, net supply from India is anticipated to be 7% lower, which would result in higher pricing.