Despite the recent trend for the price of cumin seed in the market becoming a concern for the traders and farmers, analysts believe that towards the end of August, the price will likely go up by $0,15 to $0,20 per kg.
The month started at FOB $1,94/kg for cumin seed, the A Grade 99% pure, but had a steady decrease until July 15, to the lowest $1,91/kg. The same quality once again on July 20 came back to $1,94 and stayed the same on July 24.
There have been several reasons that the price of cumin of all grades has dropped in the market. First, cumin production for the year has been quite large, and there has also been a considerable carry forward stock. Second, the excess cumin in the market culminated with less demand for domestic and international spice due to the corona virus’ second wave resulting in the southward spiral of the price.
But towards the end of August, the market is likely to shift for the better. With wedding season and festivals coming up, the price of cumin will rise.
Also, Internationally, India is likely to export more cumin as there is only 30 per cent production of cumin in Turkey and Syria, same with Afghanistan.
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