Guar gum futures drop on spot cues

Guar gum prices fell by Rs 68 to Rs 9,300 per quintal in futures trading today as investors activated to offload holdings in tune with weak physical markets.
At the National Commodity and Derivative Exchange, guar gum to be delivered in January was trading sharply down by Rs 68 or 0.73 per cent to Rs 9,300 per quintal, with an open interest of 270 lots.
The most-traded delivery in February also slipped by Rs 56 or 0.59 per cent to Rs 9,446 per quintal, clocking an open interest of 79,320 lots.
Marketmen attributed the fall in guar gum futures prices to offloading of positions by participants due to ample stocks on persistent supplies from growing regions amid withdrawal of support at higher levels in spot markets.