Jeera down 0.7% on sluggish demand

Spice for delivery in March declined by 0.53%

Jeera prices declined by 0.72% to Rs 12,700 per quintal in futures trade today as speculators trimmed positions, driven by sluggish demand in the spot market against sufficient supplies.

Further, expectations of higher production fuelled the downtrend.

At the National Commodity and Derivatives Exchange, jeera for delivery in April fell by Rs 92.50, or 0.72%, to Rs 12,700 per quintal with an open interest of 2,052 lots.

Similarly, the spice for delivery in March declined by Rs 67.50, or 0.53%, to Rs 12,647.50 per quintal in 6,948 lots.

Analysts attributed the fall in jeera futures to offloading of positions by speculators following sluggish demand in the spot market.