Ahmedabad, June 13 (CommoditiesControl): The decline in cumin prices in Gujarat has halted, with a notable improvement recorded today. Prices of cumin in the state increased by Rs 50-75 per 20 kg. The spot market received support due to the improvement in future prices. Traders indicate that the market’s direction will depend on how cumin selling trends evolve in the future.
According to a trader from Unjha, cumin prices are influenced more by speculative activity rather than fundamental factors. Exporters often quote high prices, but actual trade does not occur at these rates. To maintain market stability, exporters, in collaboration with other traders, place high bids. However, these high prices do not reflect the actual trade value. Despite cumin reaching historical price levels last year, traders still faced losses.
Unjha Mandi:
- Arrival: Approximately 16,000 bags
- Rough Cumin Price: Rs 4,900-5,100 per 20 kg
- Best Quality Price: Rs 5,400-5,450 per 20 kg
- Bombay Bold Price: Rs 5,450-5,650 per 20 kg
Rajkot Mandi:
- Arrival: Approximately 1,500 bags
- Price Range: Rs 4,300-5,430 per 20 kg
Gondal Mandi:
- Arrival: 511 bags
- Price Range: Rs 5,191-5,521 per 20 kg
Jeeraunjha contract for JUN delivery settled at Rs 28910/quintal showing an rise of Rs 150 over previous close of Rs 28760/quintal,The contract moved in the range of Rs 28655-29365 for the day. Open interest decreased by -435 MT to 621 MT, while trading volume increased by 162 to 1029 MT.
Jeeraunjha contract for JUL delivery settled at Rs 27560/quintal showing an rise of Rs 45 over previous close of Rs 27515/quintal,The contract moved in the range of Rs 27400-28060 for the day. Open interest decreased by -297 MT to 2973 MT, while trading volume increased by 591 to 2091 MT.
Jeeraunjha contract for AUG delivery settled at Rs 26850/quintal showing an rise of Rs 195 over previous close of Rs 26655/quintal,The contract moved in the range of Rs 26850-27250 for the day. Open interest was simillar by 0 MT to 123 MT, while trading volume decreased by -90 to 9 MT.
Currently The spread between JUN and JUL contract is 1350 Rs/quintal.
Currently The spread between JUL and AUG contract is 710 Rs/quintal.
Currently The spread between JUN and AUG contract is 2060 Rs/quintal.
JeeraUnjha stock in NCDEX accredited warehouse as on 13-Jun-2024, was NA MT
(By Commoditiescontrol Bureau: +91 9820130172)
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