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This is an archive article published on September 18, 2012

Jeera futures down on higher sowing hopes

Jeera futures fell by 0.84 per cent to Rs 14,185 per quintal.

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Jeera futures fell by 0.84 per cent to Rs 14,185 per quintal today as speculators indulged in trimming their positions amid hopes of better sowing following fresh rains in the top producing region.

At the National Commodity and Derivatives Exchange,jeera for delivery in October fell by Rs 120,or 0.84 per cent,to 14,185 per quintal,with an open interest of 21,114 lots.

Similarly,the spice for delivery in September moved down by Rs 97.50,or 0.68 per cent,to Rs 14,165 per quintal,with an open interest of 831 lots.

Analysts said the fall in jeera futures prices was mostly due to continued off-loading of positions by speculators as recent rains in the top producing state Gujarat boosted prospects of higher sowing,but expectations of a pick up in export demand limited the losses.

 

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