Jeera declines 0.58% on low demand

Higher arrivals from growing regions fuel downtrend

Jeera prices declined by 0.58 per cent to Rs 11,110 per quintal in futures trade today as speculators reduced positions, triggered by lower demand in the spot market against higher supplies from producing regions.

At the National Commodity and Derivatives Exchange, jeera for delivery in June declined by Rs 65, or 0.58 per cent, to Rs 11,110 per quintal with an open interest of 8,388 lots.

The July contract traded lower by the same margin to Rs 11,230 per quintal in 3,669 lots.

Analysts said speculators reduced positions on the back of lower demand in the spot market against higher supplies from producing regions which mainly kept pressure on jeera prices at futures trade.