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Weak demand and high arrivals dragged down jeera prices in spot and futures markets.August contract of jeera on the National Commodity and Derivatives Exchange declined by Rs 424 to Rs 14,611 a quintal, with an open interest of 10,593 lots. September contract dropped by Rs 434 to Rs 15,050, with an open interest of 17,814 lots.
Spot jeera traded at Rs 13,500-13,800 a quintal at Unjha mandi , down by Rs 200 a quintal. Quality jeera remained at Rs 15,000-16,000 a quintal. While new arrivals surged to 4,000 bags from 6,000 bags on Monday, demand slipped to around 4,000 bags against 6,500 bags.
With arrivals rising, investors booked profits after jeera prices rose during July-end, Mr Ajay Kedia of Kedia Commodities said. Spot demand will remain weak this month and futures prices may also remain under pressure, he added. While exports slumped by 46 per cent to 5,750 tonnes, their value dipped by 36 per cent to Rs 7,560 lakh during April-June 2011. Foreign-exchange revenue from exports of spices and spice products during April-June 2011 registered a rise of 21 per cent even as tonnage declined by 26 per cent.
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