Ahmedabad, April 22 (CommoditiesControl): The cumin seed market in Gujarat is witnessing a decline in prices due to sluggish demand and low arrivals. Today, cumin prices in Gujarat softened by Rs 50 to Rs 70 per 20 kg, marking a cumulative decrease of Rs 120 per 20 kg over the last two working days. Traders attribute this decline to subdued local demand.
During the current season, cumin production in the country is expected to surpass last year's levels, yet arrivals remain lower. Despite this, the decline in prices persists. The drop in prices began in cumin-producing regions around November-December last year and continues to date.
In April 2023, cumin prices ranged from Rs 340-400 per kg, soaring to a record level of Rs 625-630 per kg in July. However, prices have gradually descended to Rs 200-270 per kg. Despite this, market uptake remains sluggish, contributing to a perception of recession.
In Unja Mandi, today witnessed an arrival of approximately 20,000-22,000 bags. Among these, 15,000 bags arrived from Rajasthan, with the remainder sourced locally. Rough cumin was priced at Rs 3600-3900 per 20 kg, while the best quality commanded Rs 4250-4450 per 20 kg. Bombay Bold was priced at Rs 4450-5250 per 20 kg.
In Gondal Mandi, prices ranged from Rs 4151-4531 per 20 kg in the presence of 792 bags. Similarly, in Rajkot Mandi, prices ranged from Rs 3625-4350 per 20 kg, with around 500 bags arriving.
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Jeeraunjha contract for MAY delivery settled at Rs 22090/quintal showing an fall of Rs -255 over previous close of Rs 22345/quintal,The contract moved in the range of Rs 21560-22200 for the day. Open interest increased by 2661 MT to 2796 MT, while trading volume increased by 912 to 996 MT.
Jeeraunjha contract for JUN delivery settled at Rs 21540/quintal showing an fall of Rs -200 over previous close of Rs 21740/quintal,The contract moved in the range of Rs 21060-21600 for the day. Open interest decreased by -2301 MT to 537 MT, while trading volume decreased by -300 to 363 MT.
Jeeraunjha contract for JUL delivery settled at Rs 23050/quintal showing an was simillar of Rs 0 over previous close of Rs 23050/quintal,The contract moved in the range of Rs 23050-23050 for the day. Open interest decreased by -378 MT to 0 MT, while trading volume decreased by -156 to 0 MT.
Currently The spread between MAY and JUN contract is 550 Rs/quintal.
Currently The spread between JUN and JUL contract is -1510 Rs/quintal.
Currently The spread between MAY and JUL contract is -960 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 22-Apr-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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