Cumin Prices Drop in Gujarat Due to Weak Demand

Ahmedabad, July 22 (CommoditiesControl): Cumin prices in Gujarat experienced a notable decline today, declining by Rs 30-40 per 20 kg, driven by a lack of demand in both local and export markets. This downward pressure on prices comes as arrivals continue to surpass market demand.

Currently, there has been no import activity in the cumin market. However, there is potential for the import of organic cumin (IPM) from Turkey, primarily for export to Europe. Despite this, Turkish cumin is not expected to significantly affect the Indian market. Additionally, the likelihood of Chinese cumin imports into India remains low.

In the Unjha market, around 6000-7000 bags of cumin were received today. The prices were reported as follows: rough cumin at Rs 4600-4800 per 20 kg, best quality at Rs 5000-5050 per 20 kg, and Bombay Bold at Rs 5050-5150 per 20 kg. Overall, Gujarat saw an arrival of around 8000 bags.

In Gondal Mandi, around 300 bags of cumin were traded at prices ranging from Rs 4801 to Rs 5151 per 20 kg. Meanwhile, Rajkot Mandi saw the arrival of approximately 700 bags, with prices fluctuating between Rs 4450 and Rs 5094 per 20 kg.

Jeeraunjha contract for JUL delivery settled at Rs 26245/quintal showing an fall of Rs -375 over previous close of Rs 26620/quintal,The contract moved in the range of Rs 26000-26790 for the day. Open interest increased by 2604 MT to 2622 MT, while trading volume increased by 597 to 636 MT.

Jeeraunjha contract for AUG delivery settled at Rs 26000/quintal showing an fall of Rs -545 over previous close of Rs 26545/quintal,The contract moved in the range of Rs 25750-26385 for the day. Open interest decreased by -1803 MT to 846 MT, while trading volume decreased by -309 to 207 MT.

Jeeraunjha contract for SEP delivery settled at Rs 26545/quintal showing an fall of Rs -315 over previous close of Rs 26860/quintal,The contract moved in the range of Rs 26545-26545 for the day. Open interest decreased by -735 MT to 0 MT, while trading volume decreased by -69 to 0 MT.

Currently The spread between JUL and AUG contract is 245 Rs/quintal.

Currently The spread between AUG and SEP contract is -545 Rs/quintal.

Currently The spread between JUL and SEP contract is -300 Rs/quintal

JeeraUnjha stock in NCDEX accredited warehouse as on 22-Jul-2024, was 588 MT

(By Commoditiescontrol Bureau: +91 9820130172)