Guargum futures slide on weak spot, overseas cues

Guargum prices dipped by Rs 80 to Rs 7,960 per quintal in futures trading today after speculators reduced positions, triggered by a weak trend at the spot market.
At the National Commodity and Derivatives Exchange, guargum October delivery dropped by Rs 80, or 1.00 per cent to Rs 7,960 per quintal, with an open interest of 18,803 lots.
On similar lines, guargum for delivery in November too eased by Rs 80, or 0.98 per cent to Rs 8,100 per quintal, in an open interest of 3,783 lots.
Marketmen attributed fall in guargum prices in futures trade to a weak trend at the spot market on increased supplies from growing regions amid subdued demand.

Furthermore,a fall in overseas demand kept pressure on guargum prices, they added.