Jeera futures plunge Rs 335 on higher supply

Jeera prices dropped by 2 per cent to Rs 16,415 per quintal in futures market today as speculators cut down their bets amid higher supplies in the spot markets from growing regions.
At the National Commodity and Derivatives Exchange, jeera for delivery in June month plunged by Rs 335, or 2 per cent to Rs 16,415 per quintal with an open interest of 18,633 lots.
On similar lines, the spice for delivery in May contracts lost Rs 285, or 1.72 per cent to Rs 16,265 per quintal in 522 lots.
Analysts said offloading of positions by participants on the back of higher supplies from producing regions in the physical market against sluggish demand mainly pulled down jeera prices at futures trade.

Weak exports as well as domestic demand also weighed on jeera prices, they said.