Guar gum futures drop 2.35% on weak physical cues

Guar gum prices rolled down sharply by Rs 218 to Rs 9,050 per quintal in futures trade today on all-round selling by investors in line with weak physical markets amid sluggish export demand.
Market players said heavy offloading of holdings by the speculators at existing levels in wake of a decline in prices at physical markets due to falling export demand for oil drilling industries dragged down the guar gum futures prices downside.
At the National Commodity and Derivative Exchange platform, guar gum delivery for the most traded second contract April month plunged by Rs 218 or 2.35 per cent to Rs 9,050 per quintal, having an open interest of 53,985 lots.

In a similar way, the delivery of March contracts plummeted by Rs 204 or 2.23 per cent to Rs 8,949 per quintal, depicting an open interest of 22,955 lots.