Guarseed futures slide on rising inventories, profit taking

Guarseed futures prices tumbled by Rs 52 to Rs 2,650 per quintal today, owing to profit booking at prevailing higher levels, driven by ample stocks position and poor demand in physical markets.

Marketmen said reduced offtake by guargum making industries as increased arrivals from producing regions, led the fall here in futures trade.

Slackness in cattle feed making industries' demand also pressurised traders to book profits at higher levels, they added.

At the National Commodity and Derivatives Exchange counter, guarseed price for delivery in May at Jodhpur declined sharply by Rs 52 or 1.92 per cent to Rs 2,650 per quintal, with an open interest of 120 lots.

The prices for delivery in December also dropped by Rs 21 or 0.83 per cent to Rs 2,497 per quintal, revealing an open interest of 1,54,170 lots.