Jeera futures weaken on profit booking

Jeera futures prices declined by Rs 42 to Rs 14,799 per quintal in futures trade today, as speculators booked profits driven by a fall in demand in the spot market.

Weak overseas demand as exporters are waiting for the new crop also influenced the jeera futures prices.

At the National Commodity and Derivatives Exchange counter, jeera for delivery in February declined by Rs 42, or 0.28 per cent, to Rs 14,799 per quintal, with an open interest of 14,673 lots.

Similarly, the spice for delivery in January lost Rs 27, or 0.19 per cent, to Rs 14,496 per quintal, with a business turnover of 8,424 lots. 

Market analysts said profit booking by speculators at prevailing higher levels, amid fall in demand in the spot market led to decline in jeera futures price.