Cumin Prices Dip in Gujarat as Market Faces Slowdown

Ahmedabad, April 15 (CommoditiesControl): The downward trend in Gujarat's cumin market persists, with prices witnessing a decline of Rs 50 per 20 kg today. Traders attribute this trend to the challenges faced by traders amid the Lok Sabha elections. Additionally, discussions surrounding the potential limitation of export trade are adding pressure to the market. Exporters have reported a significant increase in cumin sowing in China this year, further contributing to market concerns.

With the completion of the Ramadan festival, market participants are closely monitoring the demand outlook for exports. However, both export and local demand from spice companies do not appear robust, leading to a prevailing sense of sluggishness in the market. Presently, the majority of goods arriving in Gujarat originate from Rajasthan.

Around 30,000 sacks arrived in Unja Mandi today, with 18,000 bags sourced from Rajasthan and 12,000 bags locally. Meanwhile, 15,000-16,000 sacks were traded today. The price of rough cumin ranged from Rs 3,650 to Rs 3,900 per 20 kg, while the best quality commanded prices between Rs 4,200 and Rs 4,400 per 20 kg. Bombay Bold variety was priced at Rs 4,400-5,200 per 20 kg.

In Gondal Mandi, prices ranged from Rs 4,501 to Rs 4,551 per 20 kg against an arrival of 1,111 bags. In Rajkot mandi, around 2,000 bags arrived, with prices ranging from Rs 3,450 to Rs 4,374.

Jeeraunjha contract for APR delivery settled at Rs 22110/quintal showing an fall of Rs -950 over previous close of Rs 23060/quintal,The contract moved in the range of Rs 22110-22950 for the day. Open interest decreased by -57 MT to 351 MT, while trading volume decreased by -939 to 432 MT.

Jeeraunjha contract for MAY delivery settled at Rs 21635/quintal showing an fall of Rs -765 over previous close of Rs 22400/quintal,The contract moved in the range of Rs 21550-22200 for the day. Open interest increased by 81 MT to 2781 MT, while trading volume decreased by -330 to 1506 MT.

Jeeraunjha contract for JUN delivery settled at Rs 21605/quintal showing an fall of Rs -1120 over previous close of Rs 22725/quintal,The contract moved in the range of Rs 21495-22035 for the day. Open interest increased by 84 MT to 225 MT, while trading volume increased by 177 to 243 MT.

Currently The spread between APR and MAY contract is 475 Rs/quintal.

Currently The spread between MAY and JUN contract is 30 Rs/quintal.

Currently The spread between APR and JUN contract is 505 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 15-Apr-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)