Jeera futures plunge 2.34% on profit-booking

Jeera prices dropped by 2.34 per cent to Rs 18,745 per quintal in futures market today as speculators booked profits after recent gains amid easing demand at spot market against ample stocks position.
At the National Commodity and Derivatives Exchange, jeera for delivery in December month tumbled by Rs 450, or 2.34 per cent, to Rs 18,745 per quintal with an open interest of 6,834 lots.
In a similar fashion, the spice for delivery in January 2017 contracts was trading lower by Rs 425, or 2.25 per cent, to Rs 18,450 per quintal in 3,051 lots.
Analysts said besides profit-booking by participants at existing levels, fall in demand in the spot market due to tight fund positions against adequate stocks position, mainly pulled down jeera prices at futures trade.