The Indian cumin seed market witnessed selling pressure during the last fortnight to September 27 mainly due to uncertainty over near term demand, Olam Spices & Vegetable Ingredients observed.
The company finds that demand is subdued both on the domestic and export side.
Arrivals have gradually improved and are now at around 180-200 tonnes per day in the Unjha market.
Near term view
No major change is expected in the next fortnight.
Olam Spices suggested that export demand can bring an instant surge in the market as the physical market is trading at a premium against the futures platform.
“Next year’s crop expectations are encouraging among traders and farmers because of good rains in Rajasthan and likely improved ground water levels,” the company remarked.
Sowing will start from November onwards for the 2018 crop.
Olam Spices listed farm grade cumin seed at INR165 (USD2.47) per kilo.
Grinding quality of 96% purity was indicated at INR174/kg; 98% purity Singapore machine cleaned at INR178; 99% Singapore machine cleaned at INR180/kg; 99.5% Singapore machine cleaned at INR184/kg.
Europe machine cleaned of 99.5% was listed at INR190/kg; 99.5% Europe sortex cleaned at INR194/kg; and 99.5% Europe sortex cleaned and allergen free at INR196/kg.
Sortex cleaned and allergen free material of 99.5% purity was indicated at INR205/kg.