Sluggishness Hits Gujarat''s Cumin Market; Prices Remain Stable

Ahmedabad, March 20 (CommoditiesControl): The cumin market in Gujarat experienced a slowdown today, with traders attributing it to the increasing financial strain and lackluster export activity. Stockists are hesitant to make purchases amidst the prevailing cash crunch, leading to a subdued trading environment. Export trade is also reported to be sluggish at the moment.

Speculations regarding future market prices, rumored to be around Rs 20,000 per quintal, are influencing the cautious stance of stockists and spice companies. It's anticipated that they will adopt a wait-and-watch approach until the first week of April. Additionally, there is an expected increase in arrivals from Rajasthan in April, which could further impact market dynamics.

Around 65,000 bags of cumin arrived in Gujarat today. In Unja, around 38,000 bags were reported, with rough cumin priced at Rs 4,050-4,350 per 20 kg, best quality cumin at Rs 4,600-4,900 per 20 kg, and Bombay Bold at Rs 4,900-5,700 per 20 kg. However, actual trading activity was estimated to be around 22,000-23,000 bags.

In Rajkot Mandi, new arrivals were halted, but approximately 3,500 bags of pending stock were traded at Rs 4,000-4,750 per 20 kg. Meanwhile, in Gondal Mandi, against an arrival of 2,500 bags, cumin was traded at Rs 4,400-4,900 per 20 kg.

Jeeraunjha contract for MAR delivery settled at Rs 25910/quintal showing an rise of Rs 310 over previous close of Rs 25600/quintal,The contract moved in the range of Rs 25600-26200 for the day. Open interest decreased by -18 MT to 6 MT, while trading volume decreased by -33 to 0 MT.

Jeeraunjha contract for APR delivery settled at Rs 23845/quintal showing an rise of Rs 530 over previous close of Rs 23315/quintal,The contract moved in the range of Rs 23255-23850 for the day. Open interest decreased by -9 MT to 2856 MT, while trading volume increased by 102 to 807 MT.

Jeeraunjha contract for MAY delivery settled at Rs 23545/quintal showing an rise of Rs 405 over previous close of Rs 23140/quintal,The contract moved in the range of Rs 23140-23545 for the day. Open interest increased by 33 MT to 879 MT, while trading volume decreased by -78 to 183 MT.

Currently The spread between MAR and APR contract is 2065 Rs/quintal.

Currently The spread between APR and MAY contract is 300 Rs/quintal.

Currently The spread between MAR and MAY contract is 2365 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 20-Mar-2024, was NA MT.

(By Commoditiescontrol Bureau: +91 9820130172)