Guarseed futures down on selling pressure

Guarseed prices dropped by Rs 74 to Rs 3,333 per quintal in futures trade today on heavy selling by traders against ample supply in physical markets.  

Market analysts said a weakening export demand of guar gum amid reports of rise in production, advised traders to off-load their positions.

At the National Commodity and Derivatives Exchange, guarseed prices for September declined by Rs 74, or 2.17% to Rs 3,333 per quintal, in an open interest of 480 lots.

Guarseed prices for June delivery slipped by Rs 62, or 1.89% to Rs 3,225 per quintal in 1,91,500 lots. Likewise, its prices for May delivery contract fell by Rs 37, or 1.15% to Rs 3,192 per quintal, with a business turnover of 9,730 lots.