Jeera futures down 3.10% on sluggish spot demand

Jeera prices plunged by 3.10 per cent to Rs 17,185 per quintal in futures market today as participants reduced their exposure, driven by easing domestic and exports demand in the spot market.
Besides, good sowing prospects for jeera in Gujarat and Rajasthan are pressurising the prices, as the sowing season is about to commence.
At the National Commodity and Derivatives Exchange, jeera for delivery in November month dropped by Rs 550, or 3.10 per cent to Rs 17,185 per quintal with an open interest of 2601 lots.
Similarly, the spice for delivery in December contracts drifted lower by Rs 530 or 2.96 per cent to Rs 17,390 per quintal in 8,172 lots.

Analysts said offloading of positions by traders owing to slackened domestic as well exports demand in the spot market against ample stocks position, mainly pulled down jeera prices at futures trade.