Ncdex, National Commodity, and derivative exchange have told that the August future prices of cumin are going to rise by 25% in 2 months which can reach up to be 201.95 Rs on Tuesday. India is the biggest supplier of cumin has made it to bring to this platform. An analyst from agent commodity breaking, Ritesh Kumar Sahu told “ On Wednesday there was a slight decline in the prices to earn profit but demand is high and prices can reach upto 221 Rs in one month.
Last month in December due to lesser dtock and increased demand the future prices of cumin can touch new heights. Rise in prices can depend on rainfall condition at its main production area, Gujarat. Cumin is the crop of rabi season and its sowing is done in October month. Syria and Turkey are the two biggest producers of cumin. Due to damage in crop production there, it has been exported on a high level in these two countries since last few months. Exporter of cumin, BJ International director Mr. Mayur Vaghani told ‘ Cumin production has declined in Syria and Turkey due to heavy rainfall which is the reason for the high demand of cumin from gulf countries this year.
China and gulf countries usually buy cumin in large scale from India. Demand is strong from gulf countries but China has decreased its demand from some time. Baghani told, ‘ this month demand is likely to be increased from China.’
Last year due to good prices received, cumin has been produced on large scale this year and its production has increased manyfold this year. Generally, production of cumin in India is 4-5 lakh tonnes but it is expected to be 6 lakh tonnes this year. Due to the increase in export its stock is likely to be finished by next year. Sahu told,’About 25000 tonne cumin is being exported every month from the country.’
Due to festival season in september month, their will be a rise in the demand of cumin in the coming month. Cumin is the highest exported spice among others from India. Last year due to normal production income from cumin was 2,417.99 crore Rs but this year due to increase in its export and fall in rupees compared to dollar its expected to rise..