Jeera declines 1.5% on higher supplies

Weak overseas demand influences prices

Jeera prices fell by 1.54% to Rs 14,890 per quintal in futures market today after speculators trimmed positions, triggered by increased supplies in the spot market amid weak overseas demand.

At the National Commodity and Derivatives Exchange, jeera for delivery in November fell sharply by Rs 232.90, or 1.54%, to Rs 14,890 per quintal, with an open interest of 13,035 lots.

December jeera declined by Rs 232, or 1.50%, to Rs 15,299.50 per quintal, with an open interest of 13,446 lots.

Marketmen said trimming of positions by speculators following increased supplies in the spot markets and weak export demand kept pressure on the jeera prices at futures trade.