Cumin Prices Surge in Gujarat as Market Sees Continued Uptrend

Ahmedabad, September 20 (CommoditiesControl): The cumin market in Gujarat is experiencing a robust uptrend, with prices increasing by Rs 50 per 20 kg today, continuing the momentum seen in the futures market. Traders attribute this rise to heightened activity in futures, which has positively influenced spot market prices.

As a result of the upward trend, arrivals have surged, with estimates today ranging between 22,000 and 23,000 bags of cumin entering the markets. Notably, around 18,000 bags were reported at Unja Mandi, where prices for rough cumin ranged from Rs 4450 to Rs 4550 per 20 kg, while the best quality cumin was priced between Rs 4800 and Rs 4950 per 20 kg. The Bombay Bold variety saw prices between Rs 4950 and Rs 5250 per 20 kg.

In Gondal Mandi, 2,790 bags were traded, with prices fluctuating between Rs 4591 and Rs 4911 per 20 kg. Meanwhile, Rajkot Mandi recorded an arrival of around 1,300 bags, with prices ranging from Rs 4325 to Rs 4800 per 20 kg.

However, traders caution that the uptrend may face challenges after the expiry of futures contracts later today, suggesting that the momentum might slow in the coming week.

Jeeraunjha contract for SEP delivery settled at Rs 27250/quintal showing an fall of Rs -220 over previous close of Rs 27470/quintal,The contract moved in the range of Rs 27250-28565 for the day. Open interest decreased by -138 MT to 33 MT, while trading volume increased by 111 to 159 MT

Jeeraunjha contract for OCT delivery settled at Rs 26415/quintal showing an rise of Rs 245 over previous close of Rs 26170/quintal,The contract moved in the range of Rs 26170-26495 for the day. Open interest increased by 51 MT to 2586 MT, while trading volume increased by 123 to 681 MT.

Jeeraunjha contract for NOV delivery settled at Rs 26150/quintal showing an rise of Rs 245 over previous close of Rs 25905/quintal,The contract moved in the range of Rs 26000-26315 for the day. Open interest increased by 36 MT to 372 MT, while trading volume increased by 114 to 225 MT

Currently The spread between SEP and OCT contract is 835 Rs/quintal.

Currently The spread between OCT and NOV contract is 265 Rs/quintal.

Currently The spread between SEP and NOV contract is 1100 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 20-Sep-2024, was 729 MT

(By Commoditiescontrol Bureau: +91 982013017