International Spice Commodities Update – Cumin

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Cumin prices rose by Rs 142.50 ($2.89, €2.16, £1.82) to Rs 13,13,982.50 ($283.71, €211.91, £179.06) quintal in futures trade today as traders created fresh positions buoyed by pick-up in spot demand.  However, estimates of higher output this season restricted the gains.

At the National Commodity and Derivatives Exchange, the March contract for cumin moved up by Rs 142.50 ($2.89, €2.16, £1.82, or 1.03%, to Rs 13,982.50 ($283.71, €211.91, £179.06) per quintal with an open interest of 11,475 lots.

The April contract traded higher by Rs 110 ($2.23, €1.67, £1.41), or 0.78%, to Rs 14,240 ($288.93, €215.81, £182.36) per quintal in 11,490 lots.

Analysts said fresh buying by traders on expectations of a rise in demand during the ongoing marriage season mainly pushed up cumin futures prices.

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