Cumin Prices Surge by Rs 50-100 on Export Demand Amid Unseasonal Rains

Mumbai, March 04 (Commodities Control): Cumin prices have experienced an increase of Rs 50-100 per 20 kg, attributed to potential losses due to unseasonal rains and robust demand in export markets, including local consumption. Traders note that the talk of minor crop damage due to the unexpected rainfall has supported prices, coupled with heightened local demand.

According to estimates from the Federation of Indian Spice Stakeholders (FISS), cumin production in Gujarat is anticipated to surge by 98% to 2.54 lakh tonnes this year. Similarly, fennel production is expected to increase by 119% to reach 1.30 lakh tonnes.

Traders express confidence in the cumin market, stating that there is no anticipation of prices dropping below Rs 4200 for the next three months. Additionally, they do not foresee prices rising beyond Rs 5600 per quintal.

In Unja, around 28,000 bags of new cumin arrived, with rough cumin priced between Rs 4500-4750 per 20 kg, the best quality commanding Rs 5200-5650 per 20 kg, and Bombay Bold priced at Rs 5600-6150 per 20 kg. Another 22,000 sacks were from nearby businesses.

Despite rain causing a halt in new arrivals in Rajkot Mandi, pending trades of 3500 bags were completed at prices ranging from Rs 4300-5200. In Gondal Mandi, where 3000 bags arrived and 7000 bags were pending, prices stood at Rs 4901-5351 per 20 kg, varying based on quality.

Jeeraunjha contract for MAR delivery settled at Rs 25700/quintal showing an rise of Rs 515 over previous close of Rs 25185/quintal,The contract moved in the range of Rs 25100-26090 for the day. Open interest decreased by -69 MT to 1494 MT, while trading volume was simillar by 0 to 597 MT.

Jeeraunjha contract for APR delivery settled at Rs 24280/quintal showing an rise of Rs 165 over previous close of Rs 24115/quintal,The contract moved in the range of Rs 24200-24580 for the day. Open interest increased by 159 MT to 2196 MT, while trading volume decreased by -27 to 798 MT.

Jeeraunjha contract for MAY delivery settled at Rs 24200/quintal showing an fall of Rs -95 over previous close of Rs 24295/quintal,The contract moved in the range of Rs 23800-24200 for the day. Open interest increased by 99 MT to 339 MT, while trading volume increased by 132 to 165 MT.

Currently The spread between MAR and APR contract is 1420 Rs/quintal.

Currently The spread between APR and MAY contract is 80 Rs/quintal

Currently The spread between MAR and MAY contract is 1500 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 04-Mar-2024, was NA MT.

(By Commoditiescontrol Bureau: +91 9820130172)