Jeera futures prices fell sharply by over 2% to Rs 15,887.50 per quintal today after participants reduced positions on increased supplies in the spot markets following improved rains in the top producing region.
At the National Commodity and Derivatives Exchange, jeera for delivery in October fell by Rs 340, or 2.10%, to 15,887.50 per quintal, with an open interest of 14,218 lots.
September jeera moved down by Rs 325, or 2.05%, to Rs 15,495 per quintal, with an open interest of 20,355 lots.
Analysts said the fall in jeera futures prices was due to off-loading of positions by speculators, driven by reports of improved rains in Gujarat, and increased supplies in the domestic market.
Meanwhile, spot supplies at the Unjha market rose to 6,000 bags of 60 kg each yesterday, as compared with 2,000-4,000 bags last week.