Guarseed futures tumble on heavy selling

Guarseed prices fell by Rs 29, or 1.42 per cent, to Rs 2,020 per quintal in futures trading today following better rainfall in growing regions forced traders to reduced their holdings.

Marketmen said reports of a better rainfall in producing regions of Rajasthan and Gujarat amid weak demand from the guargum making industries, mainly pulled down the trading sentiment here in futures trade.

Consistent fall in demand for Churi and Korma of guarseed too helped to put prices under pressure, they added.

At the National Commodity and Derivatives Exchange platform, guarseed prices for delivery in October-month contract fell by Rs 29, or 1.42 per cent, to Rs 2,020 per quintal and with an open interest of 1,98,590 lots.

 

The November month contract also dropped by Rs 26, or 1.31 per cent, to Rs 1,965 per quintal, with an open interest of 1,09,190 lots.