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Jeera prices declined on the spot and futures on increased supply.
On the National Commodity and Derivatives exchange (NCDEX) jeera November contract was down by Rs 115 to Rs 14,315 a quintal with an open interest of 1,218 lots. December jeera contract slid Rs 75 to Rs 14,450 with an open interest of 17,205 lots. NCDEX accredited warehouses jeera stocks gained by 71 tonnes to 9,234 tonnes.
In the spot market jeera medium was down by Rs 20-25 to Rs 2,430-2,530 for 20 kg, NCDEX quality raw quoted at Rs 2,730-2,830 at Unjha market of Gujarat. Arrival stood at 5,000 bags and traded around 5,000-6,000 bags.
Traders said speculators offloaded their positions on the back of subdued demand in the spot market pushing jeera futures down.
According to Kedia Commodity, jeera declined as farmers increased supplies in the spot market, taking advantage of the recent rise in prices, but fresh overseas enquiries supported prices. Total stocks are currently estimated at around 4-5 lakh bags, down almost 3 lakh bags from the same period last year.
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