Guarseed future fell on weak spot sentiments

Guarseed prices declined by Rs 39 to Rs 2,501 per quintal in future trading today following aggressive selling, amid lower spot market sentiments.

Market analysts said heavy supply and reduced offtake in physical markets, forced traders to off-load their holdings.

Poor offtake by guargum and cattle feed making industries also helped to brought down the trading sentiments to some extent.

At the National Commodity and Derivatives Exchange counter, guarseed for delivery in March slipped by Rs 39 or 1.54 per cent, to Rs.2,501 per quintal, with an open interest of 3,020 lots.

Delivery for January also quoted lower by Rs 19 or 0.78 per cent, to Rs 2,424 per quintal, with an open interest of 1,66,160 lots.