Jeera down 2% on hopes of higher sowing

Improved rains in Gujarat influences sentiment

Jeera prices drifted by Rs 280 to Rs 13,340 per quintal in futures trading today after speculators indulged in trimming positions amid hopes of higher sowing due to improved rains in the top producing region.

At the National Commodity and Derivatives Exchange, jeera for delivery in October drifted by Rs 280, or 2.06%, to Rs 13,340 per quintal, with an open interest of 16,230 lots.

November jeera moved down by Rs 260, or 1.87%, to Rs 13,650 per quintal, with an open interest of 12,891 lots.

Marketmen said the fall in jeera futures prices was due to off-loading of positions by speculators on hopes of higher sowing after improved rains in the top producing state of Gujarat.