Jeera futures extend losses, down 1.79% on higher supply

Continued its losing streak for the second straight day, jeera prices drifted by 1.79 per cent to Rs 14,575 per quintal in futures trading today as speculators offloaded positions, triggered by higher supplies from producing belts at spot market.
At National Commodity and Derivatives Exchange, jeera for delivery in August month dropped by Rs 265, or 1.79 per cent to Rs 14,575 per quintal with an open interest of 13,335 lots.
Similarly, the spice for delivery in September contracts declined by Rs 260, or 1.72 per cent to Rs 14,820 per quintal in 11,751 lots.
Analysts said offloading of positions by participants owing to slackened exports demand in the spot market against sufficient stocks position mainly kept jeera prices down at futures trade.