Increased Arrival of Cumin in Gujarat Leads to Price Decline

Ahmedabad, March 18 (CommoditiesControl): Cumin prices in Gujarat have witnessed a downward trend today, driven by a surge in arrivals and subdued demand in the state's markets. Both futures and spot markets recorded price declines amid the prevailing market conditions.

Traders attribute the declining prices to a combination of factors, notably the expansion of crop areas this year, leading to a corresponding increase in arrivals. The anticipation of further arrivals in the coming days has exerted downward pressure on cumin seed prices. Today, the price of cumin in state mandis weakened by Rs 150 per 20 kg.

Arrival of around 80,000 bags of cumin were reported in Gujarat today, with the number of pending bags on the rise. In Unja, an estimated 40,000-42,000 bags, each weighing 55 kg, of cumin arrived, with prices ranging from Rs 4200-4500 per 20 kg for rough quality, Rs 4800-5100 per 20 kg for the best quality, and Rs 5100-5800 per 20 kg for Bombay Bold variety. However, market activity stood around only 20,000-22,000 bags due to prevailing conditions.

In Rajkot Mandi, new arrivals were halted, leaving 8,500 bags pending. Out of these, 4,500 bags were traded at Rs 4400-4852 per 20 kg. Similarly, Gondal Mandi reported an arrival of 2,700 bags, with prices ranging from Rs 4750-5200 per 20 kg depending on quality.

Jeeraunjha contract for MAR delivery settled at Rs 25600/quintal showing an rise of Rs 320 over previous close of Rs 25280/quintal,The contract moved in the range of Rs 25600-25600 for the day. Open interest decreased by -21 MT to 57 MT, while trading volume decreased by -42 to 21 MT.

Jeeraunjha contract for APR delivery settled at Rs 23600/quintal showing an fall of Rs -840 over previous close of Rs 24440/quintal,The contract moved in the range of Rs 23200-24300 for the day. Open interest increased by 42 MT to 2811 MT, while trading volume increased by 387 to 1287 MT.

Jeeraunjha contract for MAY delivery settled at Rs 23500/quintal showing an fall of Rs -835 over previous close of Rs 24335/quintal,The contract moved in the range of Rs 23160-23735 for the day. Open interest increased by 69 MT to 792 MT, while trading volume increased by 96 to 333 MT.

Currently The spread between MAR and APR contract is 2000 Rs/quintal.

Currently The spread between APR and MAY contract is 100 Rs/quintal.

Currently The spread between MAR and MAY contract is 2100 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 18-Mar-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)