Ahmedabad, November 13 (CommoditiesControl): The cumin market in Gujarat experienced a slowdown today, with limited buying activity observed over the past two days. Traders indicate that high prices have dampened demand, leading to a period of price stability.
The market's outlook remains cautious, with any potential price movement in the near future largely dependent on export demand. Without this external support, further price increases are unlikely.
Last week, Gujarat’s cumin market saw a brief surge in prices, fueled by purchases from China. This export-driven demand led to higher prices and encouraged farmers to sell off their stock. However, with export demand now tapering off and the arrival of new cumin stock, prices have stabilized.
Today, approximately 10,000 bags of cumin (1 bag = 40 kg) arrived in Unja Mandi, one of the key trading centers in Gujarat. The prices for cumin in the mandi were as follows:
- Rough cumin: Rs 4050-4200 per 20 kg
- Best quality cumin: Rs 4350-4500 per 20 kg
- Bombay Bold: Rs 4500-4750 per 20 kg
In other major mandis:
- Gondal Mandi saw arrivals of 1,256 bags, with prices ranging from Rs 4501-4841 per 20 kg.
- Rajkot Mandi reported the arrival of around 2,000 bags, with prices between Rs 4300-4800 per 20 kg.
Traders say the market is now largely waiting to see if any fresh export demand materializes. Without this, the likelihood of further price increases remains limited. Additionally, with the arrival of fresh crops, the supply side remains robust, and it will be important to see if the demand from domestic markets can absorb this new stock.
In the coming days, prices are expected to hold steady unless a significant shift in demand occurs.
Jeeraunjha contract for NOV delivery settled at Rs 25175/quintal showing an rise of Rs 195 over previous close of Rs 24980/quintal,The contract moved in the range of Rs 24650-25175 for the day. Open interest decreased by -153 MT to 612 MT, while trading volume decreased by -243 to 363 MT.
Jeeraunjha contract for DEC delivery settled at Rs 25195/quintal showing an rise of Rs 260 over previous close of Rs 24935/quintal,The contract moved in the range of Rs 24750-25290 for the day. Open interest increased by 111 MT to 2145 MT, while trading volume decreased by -384 to 609 MT.
Jeeraunjha contract for JAN delivery settled at Rs 25095/quintal showing an rise of Rs 565 over previous close of Rs 24530/quintal,The contract moved in the range of Rs 24645-25095 for the day. Open interest increased by 30 MT to 249 MT, while trading volume increased by 12 to 54 MT.
Currently The spread between NOV and DEC contract is -20 Rs/quintal.
Currently The spread between DEC and JAN contract is 100 Rs/quintal.
Currently The spread between NOV and JAN contract is 80 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 13-Nov-2024, was 615 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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