Ahmedabad, May 2 (CommoditiesControl): The cumin market in Gujarat has maintained a bullish trend over the past four days, with prices continuing to surge. This uptrend has been accompanied by an increase in arrivals over the last two days, particularly in Unjha, where cumin arrivals have surged to around 25,000 bags, mainly from Rajasthan.
In the state's spot market, cumin prices saw a significant rise of Rs 50-70 per 20 kg, while prices for various qualities in the export market experienced an increase of Rs 200-250 per 20 kg. Notably, the price of Europe quality cumin has reached Rs 5200 per 20 kg. The potential for further improvement in the spot market depends upon sustained export demand.
Traders in Rajkot emphasize that the cumin market has received a boost from strong demand both locally and for export purposes. The bullish sentiment in the spot market is complemented by strength observed in the futures market. Should demand persist in the coming days, there is optimism for further price appreciation in cumin.
Today, around 25,000 sacks arrived in Unjha Mandi. Rough cumin prices quoted at Rs 3900-4200 per 20 kg, while the best quality commanded prices of Rs 4600-4800 per 20 kg. Bombay Bold variety was quoted at Rs 4800-5600 per 20 kg. Overall, around 43,000 bags of cumin arrived in the state.
In Gondal Mandi, prices ranged from Rs 4541-4661 per 20 kg against an arrival of 1,331 bags, while in Rajkot Mandi, prices were reported at Rs 4000-4716 per 20 kg with an arrival of around 1,300 bags.
Jeeraunjha contract for MAY delivery settled at Rs 24555/quintal showing an rise of Rs 1270 over previous close of Rs 23285/quintal,The contract moved in the range of Rs 23505-24680 for the day. Open interest decreased by -222 MT to 1608 MT, while trading volume decreased by -582 to 1716 MT.
Jeeraunjha contract for JUN delivery settled at Rs 24150/quintal showing an rise of Rs 1320 over previous close of Rs 22830/quintal,The contract moved in the range of Rs 23130-24195 for the day. Open interest increased by 408 MT to 1809 MT, while trading volume increased by 597 to 1776 MT.
Jeeraunjha contract for JUL delivery settled at Rs 22800/quintal showing an fall of Rs -250 over previous close of Rs 23050/quintal,The contract moved in the range of Rs 22800-22800 for the day. Open interest was simillar by 0 MT to 3 MT, while trading volume decreased by -3 to 0 MT.
Currently The spread between MAY and JUN contract is 405 Rs/quintal.
Currently The spread between JUN and JUL contract is 1350 Rs/quintal.
Currently The spread between MAY and JUL contract is 1755 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 30-Apr-2024, was NA MT
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