Jeera declines 0.58% on better sowing hopes

Sluggish demand influences prices

Jeera prices fell by 0.58% to Rs 15,355 per quintal in futures market today after speculators trimmed positions amid hopes of better sowing.

Sluggish demand in the spot market put pressure on the spice prices at futures trade.

At the National Commodity and Derivatives Exchange, jeera for delivery in November softened by Rs 90, or 0.58%, to Rs 15,355 per quintal, with an open interest of 15,999 lots.

October jeera declined by Rs 75, or 0.49%, to Rs 15,155 per quintal in 399 lots.

Marketmen said trimming of positions by speculators on expectations of better sowing due to a revival in rains later in the season, led to the fall in jeera futures prices.