Guarseed futures extend losses, tracking weak spot market

The slide in guarseed prices unabated for the third straight day today and fell by Rs 78 to Rs 3,488 per quintal in futures trading as participants indulged in trimming positions, tracking a weak trend at the physical markets.
Moreover, favourable monsoon rains in growing regions this year too influenced sentiments.
At the National Commodity and Derivative Exchange, guarseed 10 mt for delivery in October lost another Rs 78 or 2.19 per cent to Rs 3,488 per quintal, with an open interest of 88,190 lots.
In a similar fashion, guarseed for delivery in November also tumbled down by Rs 72, or 2 per cent to Rs 3,525 per quintal, clocking an open interest of 16,640 lots.

Marketmen said persistent offloading of positions by participants in view of a weak trend at the spot markets, mainly kept guarseed prices in negative zone.