Jeera's (Cumin) spiced up prices ahead of festive season
India the main producer and consumer of cumin, produces 70% of the world supply and consumes 90% of that which means that India consumes 63% of the world's cumin. Other producers are Syria which produces 7%, Iran 6%, and Turkey 6%, the remaining 11% comes from other countries.
Due to heavy rainfall and floods this year, the stored stocks of cumin seeds in Gujarat and Rajasthan have been damaged leading to supply crunch. This supply crunch has led to the price hike. International market too has been affected. The supply from Turkey and Syria has also lowered, and maintains the shortfall in the international market, as per the Seeds and Spices Stakeholders Association (SSSA).
Jeera prices have surged over ₹1,000 per quintal in the past two months on short supplies and higher demand as the festival season is set to begin. According to The National Commodity and Derivatives Exchange (NCDEX), Jeera for immediate month delivery fell on Monday to close at ₹19,005 per quintal, down ₹135 from the previous close.
India the main producer and consumer of cumin, produces 70% of the world supply and consumes 90% of that which means that India consumes 63% of the world's cumin. Other producers are Syria which produces 7%, Iran 6%, and Turkey 6%, the remaining 11% comes from other countries.
Due to heavy rainfall and floods this year, the stored stocks of cumin seeds in Gujarat and Rajasthan have been damaged leading to supply crunch. This supply crunch has led to the price hike. International market too has been affected. The supply from Turkey and Syria has also lowered, and maintains the shortfall in the international market, as per the Seeds and Spices Stakeholders Association (SSSA).
Jeera prices have surged over ₹1,000 per quintal in the past two months on short supplies and higher demand as the festival season is set to begin. According to The National Commodity and Derivatives Exchange (NCDEX), Jeera for immediate month delivery fell on Monday to close at ₹19,005 per quintal, down ₹135 from the previous close.
First published on: 16 Aug 2017, 00:00 IST
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