Guar gum futures slip marginally on weak spot demand

Guar gum prices met with resistance at higher levels and lost Rs 43 to Rs 8,854 per quintal in futures trade today after investors booked profits tracking weak physical market sentiment amid lower export demand.

Market players said speculators cut holdings at prevailing levels in pressure of weak spot markets due to fresh supplies of guar seed from growing regions, reflected down movements in guar gum futures prices.

In addition, fall in export demand from oil drilling industries too weighed on guar gum futures prices, they added.

At the National Commodity and Derivative Exchange platform, guar gum delivery for April contracts slipped by Rs 43, or 0.46 per cent, to Rs 8,854 per quintal with an open interest of 45,915 lots.

Likewise, the delivery of the second contract May month receded by Rs 40, or 0.44 per cent, to Rs 8,960 per quintal in a business turnover of 19,655 open lots.