Cumin prices in the market experienced one of the lowest trading prices of the week on Tuesday. This was a decrease of 0.38 per cent.
The market in focus reported by Money Control was Unjha mandi, where the price fell by $.13 to $.21 / kg. On the other hand, prices of cumin were stable in Gujarat’s Rajkot spice market, where it was sold a bit above the average price of the spice.
The National Commodities and Derivatives Exchange (NCDEX) reported the average price of cumin was between $1.60 and $1.67/ kg.
According to the traders, the prices dropped due to the poor quality of the cumin available in the market. Also, there were fewer than expected bags of spice in the market compared to the last season. Last season, generally, there were 9000 bags of cumin in Unjha, whereas on Tuesday, there were 1000 fewer bags.
It is expected that the cumin seen prices will not increase significantly anytime soon since the demand for the export is relatively weak due to the lockdown restrictions.
But if projected reports are to be believed and the Federation of Indian Spice Stakeholder, founder, and chairman Ashwin Nayak, India might soon enjoy a monopoly in the international cumin market. The reason being the decrease in cumin production in countries like Turkey and Syria.
This news can be a glimmer of hope for the cumin farmers and traders of India.