Guarseed futures slip on weak spot cues

Guarseed prices drifted lower by Rs 47 to Rs 3,682 per quintal in futures trade today after participants offloaded their positions in tandem with a weak trend at the physical markets.
Traders said cutting down of positions by participants in sync with weakening spot markets, on increased arrivals from growing regions against muted demand, led to the fall in guarseed prices at futures trade.
At the National Commodity and Derivatives Exchange, guarseed for delivery in June dropped by Rs 47, or 1.26 per cent, to Rs 3,682 per quintal, in an open interest of 76,290 lots.
In a similar manner, the delivery for this month dipped by Rs 42, or 1.14 per cent, to Rs 3,634 per quintal, clocking an open interest of 17,460 lots.