Ahmedabad, September 9 (CommoditiesControl): Despite a significant increase in cumin arrivals in Gujarat, prices have remained stable due to subdued demand. The market is currently dependent on future buying trends to determine price movements. There is no substantial selling pressure at present prices; however, if cumin prices exceed Rs 5500 per 20 kg, an increase in selling by farmers is anticipated.
Market discussions suggest that approximately 30% of the cumin stock is still held by farmers. This stock is mainly with stockists and larger farmers who are expected to release their holdings if prices rise. Currently, the cumin market lacks significant export activity, which, if it resumes, could provide additional support to prices.
Today, Unja Mandi saw the arrival of about 12,000 bags of cumin. The prices ranged from Rs 4250 to Rs 4400 per 20 kg for rough cumin, Rs 4700 to Rs 5000 per 20 kg for best quality, and Rs 5000 to Rs 5200 per 20 kg for Bombay Bold cumin.
In Rajkot Mandi, around 1500 bags were traded at prices ranging from Rs 4250 to Rs 4786 per 20 kg. Similarly, in Gondal Mandi, prices ranged from Rs 4521 to Rs 4851 per 20 kg with an arrival of 1090 bags.
The market outlook remains cautious with traders keeping an eye on future demand and potential export activity for any signs of price support.
Jeeraunjha contract for SEP delivery settled at Rs 25160/quintal showing an fall of Rs -190 over previous close of Rs 25350/quintal,The contract moved in the range of Rs 24650-25340 for the day. Open interest decreased by -90 MT to 1464 MT, while trading volume decreased by -171 to 426 MT.
Jeeraunjha contract for OCT delivery settled at Rs 25085/quintal showing an rise of Rs 10 over previous close of Rs 25075/quintal,The contract moved in the range of Rs 24530-25175 for the day. Open interest increased by 150 MT to 1815 MT, while trading volume decreased by -165 to 567 MT.
Jeeraunjha contract for NOV delivery settled at Rs 24850/quintal showing an rise of Rs 100 over previous close of Rs 24750/quintal,The contract moved in the range of Rs 24850-24855 for the day. Open interest increased by 6 MT to 66 MT, while trading volume increased by 15 to 21 MT.
Currently The spread between SEP and OCT contract is 75 Rs/quintal.
Currently The spread between OCT and NOV contract is 235 Rs/quintal
Currently The spread between SEP and NOV contract is 310 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 08-Sep-2024, was 729 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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