Jeera futures drop 1.64 per cent on increased supply

NEW DELHI: Jeera prices dropped 1.64 per cent to Rs 10,485 per quintal in futures market today as speculators offloaded positions, triggered by increased supply from producing belts.

Further, expectations of higher production also put pressure on jeera prices.

At the National Commodity and Derivatives Exchange, jeera for delivery in March drifted by Rs 175, or 1.64 per cent to Rs 10,485 per quintal with an open interest of 2,982 lots.

Similarly, the spice for delivery in April lost Rs 155, or 1.45 per cent to Rs 10,570 per quintal in 9,129 lots.

Analysts said speculators offloaded positions, triggered by increased arrivals from producing regions and expectations of higher production reports, mainly pulled down jeera prices at futures trade.