International Spice Commodities Update – Cumin

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Cumin seed prices gained Rs 105 ($2.02, €1.53, £1.25) to Rs 11,915 ($228.70, €173.36, £141.94) per quintal in futures trading today as speculators extended their positions, driven by firming trend in the spot markets.

However, expectation of a bumper crop in key producing areas this year restricted the gains.

At the National Commodity and Derivatives Exchange, cumin seed for delivery in April rose by Rs 105 ($2.02, €1.53, £1.25), or 0.89%, to Rs 11,915 ($228.70, €173.36, £141.94) per quintal, with an open interest of 1,872 lots.

Similarly, the May contract moved up by Rs 67.50 ($1.30, €0.98, £0.80), or 0.56%, to Rs 1,242.50 ($23.85, €18.08, £14.80) per quintal in 15,348 lots.

Analysts said, a firming trend at the spot markets due to improved demand in the ongoing marriage season mainly helped cumin seed futures prices to trade higher.

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