- BigMint ex-Unjha benchmark gains 3%, FOB Mundra rises 2.4% w-o-w
- Cumin stocks fall nearly 18% as futures market sentiment strengthens
India’s cumin market strengthened during the week ended 18 September, with domestic and export prices rising amid lower stocks and firmer futures. BigMint’s ex-Unjha benchmark increased 2.9% w-o-w to INR 21,895/qtl from INR 21,285/qtl. The FOB Mundra assessment rose 2.4% to $2,318/t from $2,263/t, while the spot benchmark increased 2.5% to INR 21,523/qtl from INR 20,995/qtl.
Domestic market firms
Cumin prices strengthened despite a 4.7% rise in arrivals to 6,969 bags from 6,657 bags during the week. The ex-Unjha benchmark gained INR 610/qtl, while the spot benchmark increased INR 528/qtl, indicating firmer physical market prices.
Cumin stocks declined 17.6% w-o-w to 4,311 MT from 5,234 MT. The reduction in stocks, despite higher arrivals, provided support to prices during the week.
Futures strengthen on changing positions
Cumin futures also moved higher. September futures increased 3.7% to INR 21,745/qtl from INR 20,960/qtl, while October futures rose 1.4% to INR 21,860/qtl from INR 21,565/qtl.
September open interest (OI) declined sharply by 85.1% to 1,404 MT from 9,450 MT as prices increased, indicating substantial short covering. October OI, meanwhile, rose 19.5% to 23,094 MT from 19,332 MT alongside higher prices, indicating fresh long buildup.
Outlook
Cumin prices are expected to remain firm in the near term, supported by lower stocks, higher domestic and export assessments and stronger futures positioning. However, further increases in arrivals could limit the pace of price gains if physical supplies build.
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