Syrian Unrest May Lift Export Demand for Cumin
Buying at lower prices and lower arrivals buoyed Cumin in spot and futures markets on Thursday. The demand for Indian Cumin in the export market is expected to rise because of political unrest in Syria.
The December contracts increased by Rs 190 ($3.65, €2.73, £2.33) to Rs 13,618 ($261.51, €193.39 , £166.70), a quintal with an open interest of 8,025 lots on the National Commodity and Derivatives Exchange (NCDEX) while January was up by Rs 177 ($3.40, €2.54, £2.17) to Rs 13,910 ($267.12, €199.58, £170.27) a quintal with an open interest of 17,085 lots.
Spot Cumin traded at Rs 3,010 ($57.80, €43.19, £36.84) for 20 kg in Unjha mandi while in Banglore it fetched Rs 2,550 ($48.97, €36.59, £31.21) for 20 kg, up Rs 35 ($0.67, €0.50, £0.43). While 300-400 bags arrived in Banglore, 4,000 bags arrived in the Unjha agricultural produce marketing committee. Stocks in NCDEX-accredited warehouses were up 157 tonnes to 9,566 tonnes. Common and best-quality Cumin rose by Rs 100 ($1.92, €1.43, £1.22) a quintal each at Rs 14,100 ($270.76, €202.30, £172.60) and Rs 17,200 ($330.29, €246.78, £210.54) in Delhi.
New export demand supported the rise in prices. According to market sources, Indian Cumin quoted at about $2,900 (€2167, £1849) a tonne in the international markets, while Syrian and Turkish were offered at around $3,300 (€2466, £2104).
However, good sowing reports and higher stocks are likely to put pressure. Reports of warm weather in major growing regions are also likely to weigh on the price trend. According to reports from the India Meteorological Department, mainly dry weather would prevail over Gujarat and in other growing areas.