Jeera futures drop 2.06 per cent on sluggish demand

NEW DELHI: Jeera prices dropped by 2.06 per cent to Rs 9,735 per quintal in futures trade today as speculators reduced their holdings on the back of sluggish demand in the spot market.

Expectations of higher output also put pressure on jeera prices.

At the National Commodity and Derivatives Exchange, jeera for delivery in April dropped by Rs 205, or 2.06 per cent, to Rs 9,735 per quintal with an open interest of 5,724 lots.

Similarly, the spice for delivery in May traded lower by Rs 200, or 1.99 per cent to Rs 9,830 per quintal in 8,433 lots.

Analysts said speculators reduced their holdings on the back of sluggish demand in the spot market mainly pulled down jeera prices at futures trade.