- Ex-Unjha spot prices rise by INR 2,446/quintal on 19 Oct 19 compared to 9 Oct
- November futures gain 5.1% as open interest increases to 9,381 contracts
India’s cumin market strengthened during 9-19 October, with ex-Unjha spot prices rising nearly 9.8% as futures prices also advanced. The spot benchmark increased by INR 2,446/quintal (qtl) to INR 27,456/qtl on 19 October from INR 25,010/qtl on 9 October. Meanwhile, the November futures contract gained 5.1%, accompanied by an increase in open interest, indicating higher outstanding positions in the contract.
Spot and futures prices strengthen
The October futures contract rose to INR 26,720/qtl on 19 October from INR 24,830/qtl on 9 October, gaining INR 1,890/qtl over the period. The November contract advanced by INR 1,285/qtl to INR 26,485/qtl from INR 25,200/qtl.
Open interest, arrivals and stocks
Open interest in the October futures contract declined to 147 tonnes (t) on 19 October from 3,453 t on 9 October, as the contract approached expiry. In contrast, open interest in the November contract increased to 9,381 t from 8,346 t , indicating a shift in outstanding positions toward the next contract.
Cumin arrivals rose to 11,642 t on 19 October from 11,140 t on 9 October, while reported stocks increased to 3,855 t from 3,563 t over the same period. Despite the increase in arrivals and reported stocks, spot and futures prices strengthened during the review period.
Outlook
Cumin prices maintained an upward trend across spot and futures markets during 9-19 October. The sustainability of the rally will depend on subsequent price movements, changes in arrivals and stock availability, and trading activity in the November contract. Further data on production expectations, export demand and market arrivals would help assess whether the recent gains reflect sustained demand or short-term trading activity.
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