Cumin Prices Stable in Gujarat Spot Market as Export Rates Increase

Ahmedabad, November 8 (CommoditiesControl): Cumin prices in Gujarat’s spot market remained stable today, even as export prices rose by ₹25 per 20 kg due to increased demand and a strengthening futures market. The stability in the spot market is largely due to limited selling activity, though the uptick in export demand has supported prices.

Traders reported that, should cumin prices continue to rise, farmers may increase their selling. November could also see increased cumin demand from China, while domestic consumption is expected to grow as colder weather sets in. European-quality cumin is currently trading at ₹5,175-₹5,225 per 20 kg.

Today, around 10,000 bags of cumin arrived in the Unjha market, where prices for rough cumin ranged from ₹4,150 to ₹4,300 per 20 kg, while the best quality cumin traded at ₹4,450 to ₹4,600 per 20 kg. Bombay Bold cumin was priced between ₹4,600 and ₹4,850 per 20 kg.

The Gondal Mandi remained closed due to a workers' strike, while Rajkot Mandi saw arrivals of around 1,700 bags, with prices ranging from ₹4,350 to ₹4,845 per 20 kg.

The market remains optimistic about future demand as export prospects strengthen, particularly with expectations for increased trade with China and seasonal demand growth.

Jeeraunjha contract for NOV delivery settled at Rs 25490/quintal showing an rise of Rs 170 over previous close of Rs 25320/quintal,The contract moved in the range of Rs 24935-25745 for the day. Open interest decreased by -264 MT to 1068 MT, while trading volume increased by 648 to 1122 MT

Jeeraunjha contract for DEC delivery settled at Rs 25370/quintal showing an rise of Rs 230 over previous close of Rs 25140/quintal,The contract moved in the range of Rs 24910-25660 for the day. Open interest increased by 237 MT to 1902 MT, while trading volume increased by 1122 to 1854 MT

Jeeraunjha contract for JAN delivery settled at Rs 24850/quintal showing an rise of Rs 215 over previous close of Rs 24635/quintal,The contract moved in the range of Rs 24850-25195 for the day. Open interest increased by 21 MT to 186 MT, while trading volume increased by 18 to 66 MT

Currently The spread between NOV and DEC contract is 120 Rs/quintal.

Currently The spread between DEC and JAN contract is 520 Rs/quintal.

Currently The spread between NOV and JAN contract is 640 Rs/quintal

JeeraUnjha stock in NCDEX accredited warehouse as on 08-Nov-2024, was 630 MT

(By Commoditiescontrol Bureau: +91 9820130172)