Guar gum futures decline on ample stocks

Guar gum prices fell sharply by Rs 119 to Rs 6,726 per quintal in futures trade today as traders indulged in offloading positions, triggered by a weak trend at the physical markets due to muted export demand.
Marketmen said the fall in guar gum prices was mostly attributed to cutting down of positions by participants on mounting stocks following constant supplies amid thin offtake by consuming industries at the physical markets.
Besides, falling export demand too kept pressure on guar gum prices, they added.
At the National Commodity and Derivative Exchange,guar gum to be delivered in July dipped by Rs 119 or 1.74 per cent to Rs 6,726 per quintal, having an open interest of 37,485 lots.

Guar gum for delivery in far-month October too dropped by Rs 111 or 1.53 per cent to Rs 7,153 per quintal, in an open interest of 14,525 lots.