Guarseed futures slip on selling pressure

Guarseed futures prices softened by Rs 17, or 0.84 per cent, to Rs 2,003 per quintal today on expectations of heavy arrivals in spot markets after a better rainfall in the Northern region.

According to market experts, reports of higher rains in Rajasthan, Gujarat and other growing states amid weak demand from guargum-making industries, pulled down the trading sentiment here in futures price of guarseed.

At the National Commodity and Derivatives Exchange counter, guarseed price for delivery of December-month contract shed Rs 17, or 0.84 per cent, to Rs 2,003 per quintal, with an open interest of 5,760 lots

Current September-month contract too witnessed a fall of Rs 14, or 0.71 per cent, to Rs 1,951 per quintal, with an open interest of 27,710 lots.