Jeera futures down 2.56 pc hurt by weak spot demand

Jeera prices drifted lower by 2.56 per cent to Rs 18,070 per quintal in futures market today as speculators cut down positions, tracking a subdued trend at spot market on tepid demand.
Besides, ample stocks position on increased supplies from the major growing regions in Gujarat and Rajasthan fuelled the downtrend.
At the National Commodity and Derivatives Exchange, jeera for delivery in June dropped by Rs 475, or 2.56 per cent to Rs 18,070 per quintal with an open interest of 17,424 lots.
Similarly, the spice for delivery in May was trading lower by Rs 450, or 2.44 per cent to Rs 18,015 per quintal in 258 lots.

Analysts said, offloading of positions by participants owing to slackened demand in the spot market against adequate stocks position, mainly kept pressure on jeera prices at futures trade.