Cumin Prices in Gujarat Continue to Slide Amidst Declining Demand

Mumbai, April 10 (CommoditiesControl): The market for cumin seeds in Gujarat continues to face a downturn as prices decline. While the selling prices remain unchanged, there's a notable decrease in purchasing activity. Spice companies are opting to procure goods solely based on their immediate requirements. Moreover, minimal export activity contributing to the ongoing price decline. Today, cumin prices dropped by Rs 50-70 per 20 kg.

According to traders, the production estimates of around 1 crore bags of cumin in Gujarat. This is expected to last for one and a half to two years, prompting buyers to only purchase what they need. Consequently, stockists are refraining from maintaining any surplus stock, anticipating readily available supply in the future. However, amid these market conditions, challenges stemming from financial crises and the upcoming Lok Sabha elections are hindering significant business activities.

In Unja, around 34,000-35,000 bags of cumin were reported to have arrived. The price range varied, with rough cumin priced at Rs 3,730-3,850 per 20 kg, and the best quality commanding Rs 4,230-4,550 per 20 kg. Bombay Bold was traded at Rs 4,530-5,250 per 20 kg, while bags were traded at Rs 20,000-22,000 each.

In Rajkot mandi, around 3,000 bags of cumin arrived, with prices ranging from Rs 3,650-4,550 per 20 kg. Meanwhile, in Gondal mandi, 1,444 bags were reported with prices ranging from Rs 4,351-4,876 per 20 kg, depending on quality.

Jeeraunjha contract for APR delivery settled at Rs 23685/quintal showing an fall of Rs -250 over previous close of Rs 23935/quintal,The contract moved in the range of Rs 23500-23985 for the day. Open interest decreased by -336 MT to 1206 MT, while trading volume increased by 393 to 837 MT.

Jeeraunjha contract for MAY delivery settled at Rs 22885/quintal showing an fall of Rs -400 over previous close of Rs 23285/quintal,The contract moved in the range of Rs 22780-23450 for the day. Open interest increased by 204 MT to 2496 MT, while trading volume increased by 732 to 1305 MT.

Jeeraunjha contract for JUN delivery settled at Rs 22950/quintal showing an fall of Rs -50 over previous close of Rs 23000/quintal,The contract moved in the range of Rs 22550-23250 for the day. Open interest increased by 60 MT to 129 MT, while trading volume increased by 117 to 120 MT

Currently The spread between APR and MAY contract is 800 Rs/quintal.

Currently The spread between MAY and JUN contract is -65 Rs/quintal.

Currently The spread between APR and JUN contract is 735 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 10-Apr-2024, was NA MT





(By Commoditiescontrol Bureau: +91 9820130172)