Along with cumin, turmeric market is also booming

- Commodity Current - Jayavadan Gandhi

Biparjoy cyclone disaster has become gold for farmers nowadays. Ahead of the onset of the regular monsoon, rains in most parts of the state have created arable conditions. The farmers have started preparations to sow crops like cotton, groundnut, millet in full swing. At present, due to the break in the farmers' income in the agricultural markets, the trades are dependent only on the sales of the stockists. The last week has witnessed huge ups and downs in spice commodities on the Agro Commodity Exchange. Cumin prices have been on the rise for four consecutive months and have set a record high of Rs 500 per kg. Although local and foreign demand is not significant, cumin futures are pushing one way. The prospects of going up to Rs 535 in the near future have become discussed in the business class. The price of cumin futures has increased by 15 percent in the last one month. Last month, due to profit selling and imposition of extra margin, the market was broken for a while, but due to some factors including low stock, the cumin market has become red hot.

Last month, China's take was good in the range of Rs 400. Also, due to profitable sales, export prices also fell from 9200 to 8700 range. However, after picking up momentum last week, Jeera export prices have reached higher levels in the range of 9400 to 9500. The highest jump in cumin futures has been 11 percent in March and 23 percent in April and lastly 10 percent in June this month. Parallel to cumin, turmeric has also bounced around 7,200 in the last fortnight to a high of 8,950. At present, the fear of reduction in kharif planting of turmeric has caught the heat in the market. In addition to significant carry forward stock in turmeric, there is also a fear of speculation in the market due to a sudden flare-up in turmeric futures, even though there is no lay-off movement in the market. From January to June of the year 2023, promises have been continuously broken. Since the last fortnight, the sudden movement in turmeric has taken off. Which can touch the surface of nine thousand in the near future.

On the other hand, the condition of coriander in spices is getting worse day by day. Coriander jars are currently seen at the lowest levels of the last two and a half years. The price of coriander which was Rs 120 per kg last December has now halved to around Rs 60. When the new revenue from fur is going to start after the next six months, the condition of the coriander market has become fragile at present. Local and foreign trade operations are currently running considerably cold due to lack of demand.

China's intake has been good due to the low market for coriander. There are reports that more than a thousand containers of coriander have been purchased by China in the last two months. The freight burden is increasing as the import is also against the export of coriander. According to traders' reports, about 200 to 300 containers of old coriander are imported, although the consumption of coriander remains highest in Uttar Pradesh and Bihar.