Guar gum futures turn weak on profit-booking

Guar gum prices moved down by Rs 64 to Rs 8,111 per quintal in futures trade today after speculators liquidated positions at prevailing levels, pressured by a weak trend at the physical markets.
Market players said the availability of huge ready stocks in the market following relentless supplies of guar seed from growing belts amid slackened demand from guar gum makers, triggered offloading of positions by speculators that put pressure on guar gum prices in futures trade.
At the National Commodity and Derivative Exchange, guar gum to be delivered in October declined by Rs 64 or 0.78 per cent to Rs 8,111 per quintal, with an open interest of 21,765 lots.

The most-traded November month contract too slipped by Rs 62 or 0.75 per cent to Rs 8,250 per quintal, in an open interest of 33,900 lots.