Jeera futures down 1.42% on adequate stocks

Jeera prices drifted by 1.42 per cent to Rs 16,330 per quintal in futures market today as speculators reduced their exposure amid adequate stocks position on higher supplies from producing belts at spot market against sluggish demand.
In futures trading, jeera for delivery in far-month October dropped by Rs 235, or 1.42 per cent to Rs 16,330 per quintal with an open interest of 11,346 lots at National Commodity and Derivatives Exchange.
Likewise, the spice for delivery in September contracts traded lower by Rs 205, or 1.27 per cent to Rs 15,895 per quintal in 11,751 lots.
Analysts said offloading of positions by participants owing to weak domestic as well as exports demand in the spot market against sufficient stocks position mainly pulled down jeera prices at futures trade.