Ahmedabad, August 8 (CommoditiesControl): The cumin market is currently experiencing a mixed trend, with an overall soft trend. Export trade to Bangladesh has stalled, and demand from other countries remains weak. If this lack of export activity continues in the coming days, cumin prices may decline further. However, the spot market in the state remained stable today, while the futures market showed some improvement.
Traders report that there is minimal buying in the export market at present, coupled with limited selling. Should farmers begin to sell their stock, the market could face additional pressure. The cumin market finds it challenging to sustain itself without robust export activity. Additionally, a significant amount of cumin stock is reportedly held by farmers, with estimates suggesting that up to 40 percent of the crop is still in their possession. This stockpile leads to increased selling whenever there is a slight improvement in market conditions, further suppressing prices.
Today, approximately 4,000 to 5,000 bags of cumin arrived at Unjha Mandi. The price for rough cumin was quoted at Rs. 4,200-4,500 per 20 kg, while the best quality cumin fetched Rs. 4,700-4,800 per 20 kg. The price for Bombay Bold cumin stood at Rs. 4,800-4,900 per 20 kg. Across Gujarat, around 6,000 bags were received.
In Gondal Mandi, 352 bags were reported, with prices ranging from Rs. 4,751-4,891 per 20 kg. Rajkot Mandi saw an arrival of around 600 bags, with prices between Rs. 4,230-4,960 per 20 kg.
Jeeraunjha contract for AUG delivery settled at Rs 26670/quintal showing an rise of Rs 270 over previous close of Rs 26400/quintal,The contract moved in the range of Rs 26500-26800 for the day. Open interest decreased by -318 MT to 1827 MT, while trading volume decreased by -366 to 615 MT.
Jeeraunjha contract for SEP delivery settled at Rs 26050/quintal showing an rise of Rs 135 over previous close of Rs 25915/quintal,The contract moved in the range of Rs 25920-26195 for the day. Open interest increased by 147 MT to 1761 MT, while trading volume decreased by -213 to 555 MT.
Jeeraunjha contract for OCT delivery settled at Rs 26490/quintal showing an rise of Rs 20 over previous close of Rs 26470/quintal,The contract moved in the range of Rs 26490-26490 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 620 Rs/quintal
Currently The spread between SEP and OCT contract is -440 Rs/quintal.
Currently The spread between AUG and OCT contract is 180 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 08-Aug-2024, was 603 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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