New Delhi, March 11 (Commodities Control): Gujarat recently experienced an unprecedented arrival of cumin, with a staggering 1.15 lakh bags, each weighing 55kg, flooding the state mandis. However, this record-breaking arrival has resulted in a notable decline in cumin prices.
The substantial arrival of cumin surpassing the demand has led to a Rs 50 per 20 kg drop in prices. Traders attribute this decrease to a slowdown in the export business. They suggest that a resurgence in export trade could potentially reverse the trend and lead to an increase in cumin prices.
Export data reveals that from March 2023 to February 2024, cumin exports totaled 154,694 tonnes, a decrease from the previous year's figure of 179,553 tonnes during the same period. The export peak occurred in the season from March 2021 to February 2022, with a record high of 246,686 tonnes. The surplus production of cumin in the current season has contributed to the weakened prices.
In Unja, where around 54,000-55,000 bags of new cumin arrived, rough quality was priced between Rs 4,500-4,700 per 20 kg, while the best quality commanded a higher price of Rs 5,100-5,450 per 20 kg. Another variety, Bombay Bold, ranged from Rs 5,500-6,300 per 20 kg, with an estimated trade volume of 30,000-35,000 sacks.
In Rajkot Mandi, prices ranged from Rs 4,600-5,200 for 18,000-19,000 bags, while in Gondal Mandi, where 5,000-5,500 bags arrived, prices fluctuated between Rs 4,950-5,400 per 20 kg, depending on the quality.
Jeeraunjha contract for MAR delivery settled at Rs 26650/quintal showing an fall of Rs -180 over previous close of Rs 26830/quintal,The contract moved in the range of Rs 26650-28105 for the day. Open interest decreased by -315 MT to 537 MT, while trading volume increased by 450 to 1182 MT.
Jeeraunjha contract for APR delivery settled at Rs 25525/quintal showing an rise of Rs 245 over previous close of Rs 25280/quintal,The contract moved in the range of Rs 25300-26540 for the day. Open interest increased by 42 MT to 2631 MT, while trading volume increased by 774 to 1986 MT.
Jeeraunjha contract for MAY delivery settled at Rs 25910/quintal showing an rise of Rs 775 over previous close of Rs 25135/quintal,The contract moved in the range of Rs 25300-26140 for the day. Open interest increased by 87 MT to 480 MT, while trading volume increased by 42 to 192 MT.
Currently The spread between MAR and APR contract is 1125 Rs/quintal.
Currently The spread between APR and MAY contract is -385 Rs/quintal.
Currently The spread between MAR and MAY contract is 740 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 11-Mar-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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