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MUMBAI (Commoditiescontrol) - Cumin/jeera arrivals during the week in Unjha and Jodhpur market stood at 183,800 bags. On Friday, Unjha market received 40,000 bags as compared to 35,000 in previous day. Similarly, corresponding to peak in arrivals, the price of cumin started falling from 13th March 2019.
At present, the modal price cumin (uncleaned exclusive of taxes) is INR 148 per kg levels. As per the information from trade sources, during the week, the FOB price of cumin (EX-Mundra) (97% cleaned) is approximately INR 160-163 per kg levels.
On account of consecutive higher production, cumin price is expected to witness further more corrections in coming days. Also, the lower price expectation may increase the export levels this season. In 2018, India exported around 1.80 lakh MT of cumin which is all-time-high in last five years.
NCDEX Jeera—April----Jeera may face pressure at higher levels and may retest INR 15000 and below
Last week NCDEX Jeera as we mentioned initially move higher towards the week’s low of INR 15800 and then came under pressure due to profit booking at higher levels.
Considering the arrival pressure Jeera is unlikely to sustain above INR 15800 and drop once again towards INR 15100-15000.
Below INR 15000 may signal further selling pressure and the prices may test INR 14700-14500 levels.
(By Commoditiescontrol Bureau)
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