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Cumin Prices Dips in Gujarat and Rajasthan Markets Due to Soft Futures and Export Slump

7 Dec 2023 4:52 pm
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Mumbai, December 7 (Commodities Control): In a continued trend, cumin prices have experienced a notable downturn in both spot and futures markets across Gujarat and Rajasthan. The decline in prices persists, attributed to softness in the futures market and a lack of substantial trade in exports.

The cumin market in Gujarat has faced a significant decline, with a drop of Rs 350-400 per 20 kg observed in the spot market over the last two days. Traders attribute this downturn to the softness in the futures market and a lack of significant trade in exports. Bearers, however, find support in the anticipation of a bumper cumin sowing season this year. Today, the futures market witnessed a bearish circuit of 6%, marking the fourth consecutive working day of a surge in prices due to the imposition of the 6% circuit.

The spot market in Gujarat experienced a bearish circuit of 6% for the third time today, resulting in a price decline of Rs 100-150 per 20 kg. Rough cumin in Unjha quoted at Rs 6450-6600 per 20 kg, the best quality at Rs 7600-7850 per 20 kg, and Bombay Bold at Rs 8200-8850 per 20 kg. Around 1500-2000 sacks, each weighing 55 kg, arrived in Unjha, with sales ranging from 4000-5000 bags.

In Rajkot mandi, cumin prices ranged from Rs 6600-8140 per 20 kg against the arrival of 120 quintals, while Gondal Mandi reported prices of Rs 7200-7831 per 20 kg with 100 quintals arriving.

Rajasthan faced a severe decline in cumin prices in both futures and spot markets. The slowdown in the futures market for the past four days has impacted spot markets. Additionally, the report of increased cumin sowing in Gujarat has contributed to the ongoing fall in prices. Traders report a lack of buyer interest in the markets, leaving farmers struggling to sell their goods.

In Merta Mandi, a decline in cumin prices was observed, with rough cumin at Rs 25,000 per quintal, with a decrease of up to Rs 5,000 per quintal, medium-quality goods at Rs 32,000 per quintal, with a decline of Rs 2500-3000 per quintal, and super-quality cumin at Rs 40,000 per quintal, with a decrease of Rs 1000-1500 per quintal. The market witnessed an arrival of 300-400 bags with no significant buyer activity.

Jodhpur mandi experienced a price drop in rough quality cumin, which was priced at Rs 35,500 per quintal, with a decrease of Rs 3500-4000 per quintal. Super-quality cumin in Jodhpur was priced at Rs 40,600 per quintal, with prices falling by Rs 4000-4200 per quintal.




Jeeraunjha contract for DEC delivery settled at Rs 36990/quintal showing an fall of Rs -2360 over previous close of Rs 39350/quintal,The contract moved in the range of Rs 36990-39500 for the day. Open interest decreased by -171 MT to 2376 MT, while trading volume decreased by -891 to 1713 MT.

Jeeraunjha contract for JAN delivery settled at Rs 37180/quintal showing an fall of Rs -2370 over previous close of Rs 39550/quintal,The contract moved in the range of Rs 37180-39650 for the day. Open interest increased by 303 MT to 2439 MT, while trading volume decreased by -276 to 2202 MT

Jeeraunjha contract for MAR delivery settled at Rs 32000/quintal showing an fall of Rs -1680 over previous close of Rs 33680/quintal,The contract moved in the range of Rs 32000-33510 for the day. Open interest increased by 15 MT to 570 MT, while trading volume increased by 93 to 189 MT.

Currently The spread between DEC and JAN contract is -190 Rs/quintal.

Currently The spread between JAN and MAR contract is 5180 Rs/quintal.

Currently The spread between DEC and MAR contract is 4990 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 07-Dec-2023, was 2229 MT



(By Commoditiescontrol Bureau: +91 9820130172)


       
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