๐๐ง๐๐ข๐๐ง ๐๐ฎ๐ฆ๐ข๐ง ๐ฌ๐๐๐ ๐ฉ๐ซ๐ข๐๐๐ฌ ๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ ๐ญ๐จ ๐๐๐ฅ๐ฅ ๐๐ฎ๐ ๐ญ๐จ ๐ฌ๐ก๐๐ซ๐ฉ ๐ข๐ง๐๐ซ๐๐๐ฌ๐ ๐ข๐ง ๐ญ๐ก๐ ๐ฉ๐ฅ๐๐ง๐ญ๐๐ ๐๐ซ๐๐
– 15% m/m fall in spot prices
– China has not recorded imports in September
– Futures prices for the new crop have been below the INR33,000/quintal level
Indian cumin seed spot prices averaged 39,313 Indian rupees per quintal ($4,718/metric ton) at the Unjha market (Gujarat, northwest) on 15 December 2023, 15% less month-on-month and 47% more year-on-year.
Farmers have expanded the planted area strongly due to record prices in the 2022-23 season, all players expecting a bumper crop. About 376,000 hectares was sown under cumin seed as on 4 December in Gujarat compared with 144,000 ha of the previous year.โฏ
Indian cumin seed exports reached 117,389 metric tons valued at $461.4 million in January-September 2023, 23% less y/y in volume and 18% more y/y in value, according to customs data. China, Bangladesh and the US were the main importers of whole cumin seeds (94% of the exported volume), accounting for 31%, 20% and 5%, respectively, of the volume.
China was the driver of export growth from January-April but record prices have slowed its purchases. As soon as China has halted imports this September (0 records), the price has plummeted
(IHSmarkit)
