Ahmedabad, May 8 (CommoditiesControl): Cumin is witnessing a significant surge in prices, marking a bullish trend in the market. Following the closure of all mandis in Gujarat due to general elections on Tuesday, the market reopened today with a notable increase of Rs 200 per 20 kg compared to Monday's prices.
Traders attribute this uptrend to robust local demand and the resurgence of export trade, providing essential support amid low prices. Notably, cumin experienced a circuit of 6 percent in the futures market on Tuesday. While there was a morning surge in futures today, a downward trend was observed by afternoon.
Traders reported around 25,000 sacks arriving in Unja Mandi today. Rough cumin was priced at Rs 4100-4400 per 20 kg, while the best quality commanded prices ranging from Rs 4900 to Rs 5200 per 20 kg. Bombay Bold variety was traded at Rs 5200-6000 per 20 kg. Today, approximately 44,000 bags of cumin were reported to have arrived in the state.
In Gondal Mandi, prices ranged from Rs 5281 to Rs 5441 per 20 kg against an arrival of 1125 bags. Meanwhile, in Rajkot mandi, where around 1500 bags arrived, prices were reported between Rs 4500 and Rs 5417 per 20 kg.
Jeeraunjha contract for MAY delivery settled at Rs 26580/quintal showing an rise of Rs 40 over previous close of Rs 26540/quintal,The contract moved in the range of Rs 25850-27300 for the day. Open interest decreased by -153 MT to 1074 MT, while trading volume decreased by -732 to 807 MT.
Jeeraunjha contract for JUN delivery settled at Rs 25410/quintal showing an fall of Rs -295 over previous close of Rs 25705/quintal,The contract moved in the range of Rs 25100-26100 for the day. Open interest increased by 9 MT to 2622 MT, while trading volume increased by 96 to 2325 MT.
Jeeraunjha contract for JUL delivery settled at Rs 25300/quintal showing an fall of Rs -405 over previous close of Rs 25705/quintal,The contract moved in the range of Rs 25300-25700 for the day. Open interest increased by 9 MT to 12 MT, while trading volume increased by 12 to 12 MT.
Currently The spread between MAY and JUN contract is 1170 Rs/quintal.
Currently The spread between JUN and JUL contract is 110 Rs/quintal.
Currently The spread between MAY and JUL contract is 1280 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 08-May-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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