International Spice Commodities Update – Cumin

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Cumin prices ended down due to arrival pressures in spot markets and expectation of higher output in the current season. Cumin arrivals in Unjha were around 14000 bags. Of the total arrivals, 1000 bags were from the old crop, and the remainder from the new crop.

Prices of the new and old crop remained steady at Rs.14000 ($283.06, €214.16, £178.33) per 100 kg, and Rs.14200 ($287.10, €217.22, £180.88), respectively. Currently, the demand from domestic buyers were reported weak, whereas expected rise in demand from the domestic and overseas market for new crop may limit sharp fall in prices. Political unrest in Syria; a major Cumin producing countries may also increase the export demand for Indian variety.

The outlook for the day is negative. NCDEX March contract can test support of Rs.13700 ($276.99, €209.57, £174.51) with resistance being Rs.14350 ($290.13, €219.52, £182.79).

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