Mumbai, January 24 (Commoditiescontrol) Cumin seed prices hit over a 3-year high on Monday, adding nearly 16% in last one month on strong fundamentals as pipe lines are reportedly empty ahead of demand season while sowing are is down by 30-35% compared to last season.
The most active contract of cumin seed for delivery in March rose to Rs 18,935 per quintal on the National Commodity and Derivatives Exchange on Monday, highest level since January 2018.
Prices of cumin seed have surged 15.84% in past one month.
Ajay Kedia, Director Kedia Advisory noted 10 major reasons for sharp rally in cumin seed.
Top 10 Reasons for Jeera's strong Moves :
1. Low Sowing (-30-35%)
2. Strong domestics demand 3. Low Carryover Stock
4. Expectations of high export demand
5. Bad weather may impact yields
6. Pipe lines are empty ahead of demand season
7. Harvesting may delay
8. Jeera export to China open after China cools off pesticide issue ahead of China's New Year
9. Lower production in International market (Syria & Turkey)
10. Technically market is in Fresh Buying can test 21500 level before new crop hits.
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