Guar gum futures extend losses on weak export demand

Guar gum prices fell by another Rs 80 to Rs 9,225 per quintal as participants cut bets, driven by tepid export demand and a weak trend at the spot markets.

Marketmen said, apart from soaring stock on relentless supplies of guar seed from growing regions in the spot market, sluggish export demand from oil drilling industries, continued to put pressure on guar gum futures prices.

At the National Commodity and Derivatives Exchange, guar gum for October contracts slipped by Rs 80, or 0.86 per cent, to Rs 9,225 per quintal with a business turnover of 63,685 open interest lots.

Also, the contract for November delivery of guar gum weakened by Rs 76, or 0.81 per cent, to Rs 9,317 per quintal with an open interest of 3,205 lots.