Ahmedabad, April 8 (CommoditiesControl): Cumin prices experienced a softening trend in the market today, attributed to subdued purchasing activity, particularly in Gujarat. The total arrival of cumin in the state reached around 70,000 bags, with a significant portion, approximately 45,000 bags, arriving in Unja alone. However, the majority of the arrivals in Unja were reported to be cumin sourced from Rajasthan. Meanwhile, local cumin seed arrivals from Gujarat are nearing completion, with farmers showing reluctance to sell amidst prevailing low prices. Today, the price of cumin witnessed a decline of Rs 50 per 20 kg.
Traders note that Unja is witnessing a daily influx of 25,000-30,000 bags of cumin from Rajasthan, with minimal purchasing activity observed from spice companies or exporters. The market's performance is largely contingent on the demand from Gulf countries post the conclusion of Ramadan Eid festivities.
The challenging market conditions have led to financial strain for several cumin traders in Rajkot, with some reportedly facing bankruptcy. Consequently, stockists are reluctant to engage in stocking activities, while small traders are grappling with financial difficulties, dampening overall business prospects. Additionally, amidst ongoing elections, traders are exercising caution due to heightened scrutiny on cash transactions by authorities.
In Unja, the price of rough cumin ranged from Rs 3,850-4,050 per 20 kg, while the best quality cumin commanded prices of Rs 4,350-4,650 per 20 kg. Bombay Bold variety was quoted at Rs 4,650-5,350 per 20 kg.
In Rajkot Mandi, approximately 2,500 bags of cumin arrived, fetching prices ranging from Rs 3,700-4,630 per 20 kg, depending on quality. Gondal Mandi recorded arrivals of 1,600-1,700 bags, with prices ranging from Rs 4,400-4,951 per 20 kg.
Jeeraunjha contract for APR delivery settled at Rs 24050/quintal showing an fall of Rs -390 over previous close of Rs 24440/quintal,The contract moved in the range of Rs 24000-24250 for the day. Open interest decreased by -210 MT to 1653 MT, while trading volume decreased by -285 to 498 MT.
Jeeraunjha contract for MAY delivery settled at Rs 23110/quintal showing an fall of Rs -525 over previous close of Rs 23635/quintal,The contract moved in the range of Rs 23100-23300 for the day. Open interest increased by 243 MT to 2121 MT, while trading volume decreased by -120 to 756 MT.
Jeeraunjha contract for JUN delivery settled at Rs 23635/quintal showing an rise of Rs 135 over previous close of Rs 23500/quintal,The contract moved in the range of Rs 23635-23635 for the day. Open interest was simillar by 0 MT to 66 MT, while trading volume was simillar by 0 to 0 MT.
Currently The spread between APR and MAY contract is 940 Rs/quintal.
Currently The spread between MAY and JUN contract is -525 Rs/quintal.
Currently The spread between APR and JUN contract is 415 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 08-Apr-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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