Cumin Market Faces Downward Pressure as Arrival Surge, Prices Soften in Gujarat

Ahmedabad, February 26 (CommoditiesControl): The cumin market in Gujarat is experiencing sustained downward pressure as 55,000 bags arrived today, resulting in a softening of prices by Rs 150-200 per 20 kg. Traders attribute the continued decline to limited buying activities

Anticipating the arrival of around 80,000 more bags this week, traders predict further pressure on cumin prices. The absence of substantial export trade in cumin is identified as a contributing factor, leading to expectations that prices may hit bottom in March.

Today's cumin arrivals included around 33,000 sacks in Unja, contributing to the overall state arrival of more than 55,000 sacks, each weighing 55 kg. According to traders, Unja witnessed the arrival of 30,000-33,000 bags of new cumin, with prices varying based on quality. Rough cumin was priced at Rs 4500-4800 per 20 kg, the best quality fetching Rs 5400-5800 per 20 kg, and Bombay Bold commanding a higher price range of Rs 5800-6500 per 20 kg. Additionally, 20,000 sacks were reported to be traded in nearby areas.

In Rajkot mandi, the cumin price today ranged from Rs 4300-5300 per 20 kg against the arrival of around 6000 quintals. Meanwhile, Gondal Mandi witnessed the arrival of around 7000 bags, with 9000 bags pending. The price in Gondal Mandi was reported to be between Rs 3000-5326 per 20 kg, depending on the quality.

Jeeraunjha contract for MAR delivery settled at Rs 25200/quintal showing an fall of Rs -1015 over previous close of Rs 26215/quintal,The contract moved in the range of Rs 25170-26450 for the day. Open interest decreased by -141 MT to 1965 MT, while trading volume increased by 591 to 969 MT.

Jeeraunjha contract for APR delivery settled at Rs 24100/quintal showing an fall of Rs -980 over previous close of Rs 25080/quintal,The contract moved in the range of Rs 24100-25100 for the day. Open interest increased by 222 MT to 1692 MT, while trading volume increased by 579 to 774 MT.

Jeeraunjha contract for MAY delivery settled at Rs 24400/quintal showing an fall of Rs -780 over previous close of Rs 25180/quintal,The contract moved in the range of Rs 24400-24700 for the day. Open interest was simillar by 0 MT to 192 MT, while trading volume increased by 39 to 39 MT.

Currently The spread between MAR and APR contract is 1100 Rs/quintal.

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

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

JeeraUnjha stock in NCDEX accredited warehouse as on 26-Feb-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)