Indian spice traders are convinced that prices of the country’s cumin seed will escalate over the July-September quarter on anticipated strong demand.
Mumbai trader Grover Sons said in a June 27 report that the general expectation is for Indian cumin seed prices to rise by USD300 per tonne in the July-September quarter. This would give values of around USD3,000 per tonne. The company noted that prices had surged higher that morning.
The report listed cumin seed of 99.5% purity and compliant with pesticide residue limits with sample approval from SGS at USD2,900 per tonne cif EMP. Machine cleaned cumin seed of 99% purity was indicated at USD2,625/tonne cif EMP and that of 99.5% pure, sortex cleaned at USD2,700/tonne cif.
Grover Sons predicted that there is “huge demand” to follow from Bangladesh, Pakistan and China.
The company observed that Syria has a good cumin seed crop, but the country is facing loading and port issues. Turkey’s crop is also favourable, but India has its own plans for keeping prices high and Indian cumin seed stockists are keen to give regular bullish news on the spice to the newspapers.
The company noted that prices of Indian dill seed at USD2,500/tonne cif EMP for 99.5% pure, sortex cleaned, were not far off the current levels for cumin seed.
It was also observed that the southwest monsoon has started well in India with most of the country receiving the first spell of these rains.