Mumbai, February 28 (Commodities Control): The cumin market in Gujarat witnessed a positive turn today as prices improved by Rs 100 per 20 kg, marking a shift from the recent downward trend.
Traders attribute this improvement to the lower prevailing prices, indicating a potential recovery from the recent recessionary phase. The cumin market had experienced a substantial 60% decrease from its highest level, and the arrival of new goods, along with the anticipation of a large production this year, had created pressure in the market.
Around 28,000 bags of new cumin were reported in Unja, where the price of rough cumin ranged from Rs 4200-4400 per 20 kg, and the best quality was priced between Rs 4900-5300 per 20 kg. The price for Bombay Bold cumin stood at Rs 5200-5800 per 20 kg. Around 18,000-20,000 sacks were traded, contributing to the overall market activity. The state, as a whole, saw around 65,000-70,000 bags of cumin arrivals.
Traders noted that the new arrival of cumin in the Rajkot market was temporarily halted due to a backlog of 6,000-7,000 bags pending in the market, causing space constraints. Meanwhile, in Gondal Mandi, against an arrival of around 5,500 bags, prices ranged from Rs 3401-5001 per 20 kg, dependent on the quality. The recent price improvement is seen as a response to buying interest at the lower price levels.
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Jeeraunjha contract for MAR delivery settled at Rs 24410/quintal showing an rise of Rs 290 over previous close of Rs 24120/quintal,The contract moved in the range of Rs 24000-24600 for the day. Open interest decreased by -117 MT to 1632 MT, while trading volume decreased by -702 to 657 MT.
Jeeraunjha contract for APR delivery settled at Rs 23730/quintal showing an rise of Rs 420 over previous close of Rs 23310/quintal,The contract moved in the range of Rs 22910-23975 for the day. Open interest increased by 114 MT to 1887 MT, while trading volume decreased by -399 to 630 MT
Jeeraunjha contract for MAY delivery settled at Rs 23810/quintal showing an fall of Rs -70 over previous close of Rs 23880/quintal,The contract moved in the range of Rs 23600-23890 for the day. Open interest increased by 30 MT to 222 MT, while trading volume increased by 36 to 42 MT
Currently The spread between MAR and APR contract is 680 Rs/quintal.
Currently The spread between APR and MAY contract is -80 Rs/quintal.
Currently The spread between MAR and MAY contract is 600 Rs/quintal
JeeraUnjha stock in NCDEX accredited warehouse as on 28-Feb-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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