Guargum futures down on weak export demand

Guargum prices moved down by Rs 77 to Rs 7,955 per quintal in futures trading today as traders preferred to liquidate positions, triggered by a weak trend at the domestic market due to muted export demand amid weak global cues.
Market players said narrowing down of positions by speculators in line with a weak trend at the physical markets on fall in export demand and subdued cues from global markets, mainly pulled down the guargum prices in futures trading.
Persistent supplies of guarseed from growing regions amid withdrawal of support by gum makers in spot market too weighed on price in futures market, they added.

At the National Commodity and Derivatives Exchange, guargum for delivery in far-month July drifted lower by Rs 77, or 0.96 per cent, to Rs 7,955 per quintal, clocking an open interest of 8,955 lots.
Guargum for most-active delivery in June also lost Rs 68, or 0.86 per cent, to Rs 7,820 per quintal, with an open interest of 436,225 lots.