Guargum futures plummets on aggressive selling
Guargum futures prices fell by Rs 328 to Rs 10,632 per quintal today, following heavy selling by traders in line with weak spot market cues.
Market analysts said apart from profit booking, fall in guarseed prices mainly pulled down guargum futures prices.
Fall in export and domestic demand for guargum, too, dampened the trading sentiments, they added.
At the National Commodity and Derivatives Exchange, guargum for October contract dipped by Rs 328, or 2.99%, to Rs 10,632 per quintal, with an open interest of 195 lots.
Current June month contract weakened by Rs 70, or 0.68%, to Rs 10,240 per quintal, showing an open interest of 7,215 lots.
The most active July contract declined by Rs 68, or 0.65%, to Rs 10,430 per quintal, with business turnover of 10,440 lots.