Jeera futures drop 3.22% on profit-booking

Jeera prices fell 3.22 per cent to Rs 17,700 per quintal in futures trade today as speculators engaged in trimming their positions to book profits at prevailing levels amid lower domestic and exports demand at the spot market.
Furthermore, huge stocks at the spot markets following higher supplies from the major growing regions in Gujarat and Rajasthan too fuelled the downtrend.
At the National Commodity and Derivatives Exchange, jeera for delivery this month fell by Rs 590, or 3.22 per cent, to Rs 17,700 per quintal, with an open interest of 5,826 lots.
Similarly, the spice for delivery in June moved down by Rs 585, or 3.16 per cent, to Rs 17,860 per quintal in 13,515 lots.

Analysts said besides profit-booking by speculators at existing levels, fall in demand at the spot market against adequate stocks position, kept pressure on jeera prices at futures trade.