Guarseed futures decline on weak spot market sentiments

Guarseed futures prices declined by Rs 68 to Rs 2,629 per quintal today, due to aggressive selling on the back of lower spot market cues.

Market analysts said heavy supply against reduced offtake in physical markets, forced traders to offload their holdings.

At the National Commodity and Derivatives Exchange counter, guarseed for delivery in June at Jodhpur slipped by Rs 68, or 2.52 per cent, to Rs 2,629 per quintal, clocking an open interest of 30 lots.

Prices for delivery in January fell by Rs 17, or 0.69 per cent, to Rs 2,448 per quintal, with an open interest of 1,76,810 lots.