Cumin Prices Surge Ahead of Holiday Closure; Traders Raise Buying Activity

Ahmedabad, March 21 (CommoditiesControl): After a period of decline, cumin prices in the state's market experienced a notable increase of Rs 100 per 20 kg today. Traders attribute this uptick to increased purchasing activity ahead of the upcoming holiday closure next week.

Export trade in cumin is reported to be slightly below the price currently. With mandis in Gujarat set to operate for only the next two days before a week-long holiday commencing next Monday, market participants are actively procuring and stocking up on goods during this time frame. This surge in demand has mitigated the possibility of a further decline in the market for the time being.

In Rajkot Mandi, where there is an atmosphere of apprehension due to the financial struggles faced by multiple generations of cumin farmers, new arrivals of cumin have been halted. Trading activities are limited to pending goods only, with new arrivals expected to resume in April after the conclusion of March.

Today, around 60,000 bags of cumin arrived in Gujarat, with around 35,000 bags arriving in Unja alone. Prices varied depending on quality, with rough cumin priced at Rs 4,150-4,450 per 20 kg, best quality at Rs 4,700-5,000 per 20 kg, and Bombay Bold fetching Rs 5,000-5,800 per 20 kg. However, the actual trading volume is estimated to be around 20,000-22,000 bags.

In Rajkot Mandi, although new arrivals were halted, around 2,000 bags were traded at Rs 4,150-4,832 per 20 kg. Similarly, in Gondal Mandi, 1,800 bags were traded at prices ranging from Rs 4,650-5,000 per 20 kg.

Jeeraunjha contract for APR delivery settled at Rs 23850/quintal showing an rise of Rs 90 over previous close of Rs 23760/quintal,The contract moved in the range of Rs 23675-24185 for the day. Open interest increased by 2856 MT to 2862 MT, while trading volume increased by 1062 to 1062 MT

Jeeraunjha contract for MAY delivery settled at Rs 23440/quintal showing an fall of Rs -80 over previous close of Rs 23520/quintal,The contract moved in the range of Rs 23360-23790 for the day. Open interest decreased by -1929 MT to 927 MT, while trading volume decreased by -519 to 288 MT

Jeeraunjha contract for JUN delivery settled at Rs 23500/quintal showing an fall of Rs -20 over previous close of Rs 23520/quintal,The contract moved in the range of Rs 23500-23600 for the day. Open interest decreased by -843 MT to 36 MT, while trading volume decreased by -174 to 9 MT.

Currently The spread between APR and MAY contract is 410 Rs/quintal.

Currently The spread between MAY and JUN contract is -60 Rs/quintal

Currently The spread between APR and JUN contract is 350 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 21-Mar-2024, was NA MT






(By Commoditiescontrol Bureau: +91 9820130172)