According to a September 8 report from Olam Spices & Vegetable Ingredients, prices dropped almost 7% for cumin seed of 98% purity in the last two weeks to the date of the report, despite limited arrivals of material on local markets.
Prices on these grade eased to INR180 (USD2.68) per kilo from INR195/kg earlier.
“Arrivals continue to be low as market is receiving only 70-80 tonnes of cumin and the trading quantity is also low at approximately 200 tonnes per day,” the company stated.
Olam Spices’ near term view is that prices will remain stable for the next two weeks (from September 8) due to the following factors:-
- Good rains in Rajasthan and Gujarat in cumin producing areas have changed the dynamics of price increase
- The physical market, despite having very low arrivals, is not moving up
- Demand which was supposed to come at the end of August or first week of September is not yet visible in the market
- Traders have started releasing their stock with a slight increase in price
- Syria/Turkey exports will also play a major role in deciding the cumin prices in India
Price indications included farm grade Indian cumin seed at INR172/kg; grinding quality of 96% purity at INR180/kg; Singapore m/c of 98% purity at INR184/kg; Singapore m/c of 99% purity at INR186/kg; and Singapore m/c of 99.5% purity at INR189/kg.