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Cumin Prices Continue to Decline in Gujarat Amid Low Demand

29 May 2024 6:24 pm
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Ahmedabad, May 29 (Commodities Control): The cumin market in Gujarat is experiencing a continued downward trend in prices due to low demand. Traders predict that prices could drop by an additional Rs 15-20 per kg in the coming days.

Current daily arrivals average between 40,000 to 45,000 bags, but actual trade volume is only around 15,000 bags. In major centers like Unjha, trading is occurring for around 8,000-9,000 bags, indicating a significant disparity between supply and demand. This persistent low demand has led to a decline in prices over the past four days.

Today, cumin prices softened by Rs 100 per 20 kg due to the ongoing lack of demand. Over the last four days, prices have fallen by up to Rs 600 per 20 kg. While there was strong local sales activity in May, export demand remained weak. Speculators, eager to offload their goods, are introducing large volumes into the market at high prices, but this trend appears to be ending.

In Unjha mandi today, around 22,000 bags were received. The price for rough cumin ranged from Rs 4650-4900 per 20 kg, while the best quality cumin was priced at Rs 5350-5550 per 20 kg. The price for Bombay Bold variety was Rs 5650-6200 per 20 kg. Across the state, around 40,000 bags of cumin were received.

In the Gondal market, the price ranged from Rs 5281-5531 per 20 kg with an arrival of 1203 bags. Meanwhile, in the Rajkot market, around 1500 bags were received, and prices ranged from Rs 4350-5471 per 20 kg.

Jeeraunjha contract for JUN delivery settled at Rs 28640/quintal showing an rise of Rs 275 over previous close of Rs 28365/quintal,The contract moved in the range of Rs 27965-28700 for the day. Open interest decreased by -99 MT to 2937 MT, while trading volume decreased by -825 to 891 MT.

Jeeraunjha contract for JUL delivery settled at Rs 27825/quintal showing an rise of Rs 230 over previous close of Rs 27595/quintal,The contract moved in the range of Rs 27475-27990 for the day. Open interest increased by 90 MT to 1101 MT, while trading volume decreased by -129 to 294 MT.


Jeeraunjha contract for AUG delivery settled at Rs 27595/quintal showing an fall of Rs -130 over previous close of Rs 27725/quintal,The contract moved in the range of Rs 27595-27595 for the day. Open interest was simillar by 0 MT to 3 MT, while trading volume was simillar by 0 to 0 MT.

Currently The spread between JUN and JUL contract is 815 Rs/quintal.

Currently The spread between JUL and AUG contract is 230 Rs/quintal

Currently The spread between JUN and AUG contract is 1045 Rs/quintal.

JeeraUnjha stock in NCDEX accredited warehouse as on 29-May-2024, was NA MT

(By Commoditiescontrol Bureau: +91 9820130172)


       
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