Guarseed futures decline on weak spot cue

Guarseed prices plummeted by Rs 120 to Rs 4,830 per quintal in futures trading today on stockists selling on the back of weak physical markets sentiment.
Marketmen said tracking bearish signals from physical market due to higher production mainly influenced the market sentiment in futures.
Slackness in demand from guargum makers too pulled down the prices, they said.
At the National Commodity and Derivatives Exchange, guarseed prices for March moth dropped by Rs 120, or 2.42 per cent, to Rs 4,830 per quintal, with an open interest of 11,362 lots.
Most active current February month also slipped by Rs 110, or 2.25 per cent, at Rs 4,775 per quintal, in an open interest of 15,390 lots.