Guarseed futures weaken on muted spot demand

Guarseed prices drifted lower by Rs 67 to Rs 3,524 per quintal in futures trading today as speculators reduced their bets, tracking a weak trend at the physical markets on subdued demand.
Marketmen said the fall in guarseed prices in futures trade was mostly attributed to liquidating of positions by participants, tracking a weak trend at the spot markets due to low demand.
At the National Commodity and Derivatives Exchange, guarseed for delivery in January next year dipped by Rs 67, or 1.87 per cent, to Rs 3,524 per quintal, with an open interest of 620 lots.
Also, the most-active delivery in November dropped by Rs 48, or 1.38 per cent, to Rs 3,439 per quintal, having an open interest of 86,030 lots, while delivery this month slipped by Rs 39, or 1.13 per cent, to Rs 3,411 per quintal, in an open interest of 2,150 lots.