India: Cumin market extends correction in May as futures remain under pressure

• Spot, futures prices decline for a second consecutive month
• Arrivals fall sharply from April, but demand remains subdued

India’s cumin (jeera) market remained under pressure in May 2026, extending the correction seen in April. However, unlike April, when weakness was driven primarily by aggressive short positioning in futures, May witnessed broader softness across both spot and forward markets as demand remained muted despite tightening arrivals.

Spot prices at Unjha declined from INR 20,284 per quintal on 8 May to INR 19,771 on 29 May. June futures fell from INR 20,145 to INR 19,195 during the same period, while July and August contracts also recorded similar declines, reflecting continued bearish sentiment across the forward curve.

Futures sentiment remains weak

The May contract moved into expiry, with open interest falling from 5,655 lots on 8 May to zero by month-end. The June contract remained the key trading contract, carrying open interest of 10,011 lots on 29 May. July open interest rose steadily to 3,135 lots, indicating participation shifting further along the curve.

Compared with April, when the sharp rise in June open interest signalled fresh short creation, May’s positioning reflected traders maintaining bearish exposure rather than aggressively adding new positions.

Lower arrivals fail to support prices

A major development during May was the sharp decline in arrivals. Total arrivals fell 44.4% to 47,185 t from 84,929 t in April, confirming that the peak harvest marketing phase has passed. Farmer selling slowed as prices weakened, yet reduced arrivals failed to provide meaningful support.

NCDEX-monitored stocks stood at 7,375 t as of 29 May, compared with 7,033 t at the end of April, indicating adequate supply availability.

Outlook

The market is entering June with lower arrivals and manageable stocks, which may limit further downside. However, stronger export demand or increased domestic buying will be needed to support a sustained recovery, keeping the near-term outlook balanced to weak.