Bearish Trend Persists in Cumin Market as Futures Price Dips

Ahmedabad, February 27 (CommoditiesControl): The cumin market is witnessing a continuous increase in arrivals, contributing to a downward trend in prices. Limited selling activity coupled with lower-than-expected cumin exports to the Gulf has resulted in a lack of momentum in the market. The market's prospects for recovery depends on increased buying at lower price levels.

In the futures market, the price of cumin has now dipped below Rs 25,000 per quintal, reflecting the bearish sentiment. Even in the spot market, the price of cumin softened by Rs 200 per 20 kg.

Business reports indicate that approximately 40,000-42,000 bags of new cumin have arrived in Unja. The price of rough cumin ranges between Rs 4300-4600 per 20 kg, while the best quality commands a price of Rs 5100-5500 per 20 kg. The premium Bombay Bold variety is priced at Rs 5500-6300 per 20 kg. Nearby businesses reported 25,000 sacks, contributing to the total state-wide arrival of around 55,000-60,000 sacks, each sack weighing 55 kg.

In Rajkot Mandi, the price today ranged from Rs 4000-5200 per 20 kg against an arrival of around 4800 quintals. Meanwhile, Gondal Mandi witnessed the arrival of 5000 bags with 14000 bags pending, leading to a price range of Rs 3500-5000 per 20 kg, depending on the quality, as reported by traders.

Jeeraunjha contract for MAR delivery settled at Rs 24075/quintal showing an fall of Rs -1260 over previous close of Rs 25335/quintal,The contract moved in the range of Rs 24060-25060 for the day. Open interest decreased by -216 MT to 1749 MT, while trading volume increased by 390 to 1359 MT.

Jeeraunjha contract for APR delivery settled at Rs 23350/quintal showing an fall of Rs -900 over previous close of Rs 24250/quintal,The contract moved in the range of Rs 23280-24075 for the day. Open interest increased by 81 MT to 1773 MT, while trading volume increased by 255 to 1029 MT.

Jeeraunjha contract for MAY delivery settled at Rs 23655/quintal showing an fall of Rs -820 over previous close of Rs 24475/quintal,The contract moved in the range of Rs 23655-24100 for the day. Open interest was simillar by 0 MT to 192 MT, while trading volume decreased by -33 to 6 MT.

Currently The spread between MAR and APR contract is 725 Rs/quintal.

Currently The spread between APR and MAY contract is -305 Rs/quintal.

Currently The spread between MAR and MAY contract is 420 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 27-Feb-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)