Ahmedabad, August 06 (CommoditiesControl): The cumin market in Gujarat continues to experience a slowdown, with prices softening by Rs 50 per 20 kg today and no significant buying activity. Over the past two days, cumin prices in the spot market have declined by Rs 100. The lack of export trade and low demand in the local market have contributed to this trend.
Traders note that there is minimal movement in the market, and buying remains limited. Currently, demand is restricted to Bangladesh and Gulf countries, with a trade of 10 to 12 containers between these regions. However, political instability in Bangladesh is likely to further reduce demand from there.
According to a trader from Unjha, the arrival of new cumin seeds in China is good, but the export trade from there is not significant enough to cause a major slowdown in the Indian market. A substantial impact on the Indian market would only occur if China significantly increases its cumin seed exports.
Today, the Unjha market saw an arrival of around 4,000 bags. The price of rough cumin ranged from Rs 4,200 to Rs 4,500 per 20 kg, while the best quality cumin was priced between Rs 4,700 and Rs 4,800 per 20 kg. The price of Bombay Bold cumin was Rs 4,800 to Rs 4,900 per 20 kg. Across Gujarat, the total arrival was around 6,000 bags.
In the Gondal market, 670 bags arrived, with trade prices ranging from Rs 4,741 to Rs 4,901 per 20 kg. The Rajkot market saw an arrival of around 500 bags, with prices ranging from Rs 4,350 to Rs 4,830 per 20 kg.
Jeeraunjha contract for AUG delivery settled at Rs 26450/quintal showing an rise of Rs 80 over previous close of Rs 26370/quintal,The contract moved in the range of Rs 26260-26705 for the day. Open interest decreased by -72 MT to 2256 MT, while trading volume decreased by -159 to 351 MT.
Jeeraunjha contract for SEP delivery settled at Rs 25900/quintal showing an rise of Rs 35 over previous close of Rs 25865/quintal,The contract moved in the range of Rs 25770-26140 for the day. Open interest increased by 165 MT to 1725 MT, while trading volume increased by 93 to 375 MT.
Jeeraunjha contract for OCT delivery settled at Rs 26570/quintal showing an fall of Rs -555 over previous close of Rs 27125/quintal,The contract moved in the range of Rs 26570-26570 for the day. Open interest was simillar by 0 MT to 3 MT, while trading volume was simillar by 0 to 0 MT
Currently The spread between AUG and SEP contract is 550 Rs/quintal
Currently The spread between SEP and OCT contract is -670 Rs/quintal.
Currently The spread between AUG and OCT contract is -120 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 06-Aug-2024, was 603 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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