Guarseed futures tumble over 2% on sluggish spot demand

Guarseed prices dropped sharply by Rs 71 to Rs 3,268 per quintal, largely in tandem with a weakening trend at the spot markets. 

Market analysts said sluggish demand at the spot markets and rising inventories mainly led to a steep fall in guarseed prices at futures trade.

At the National Commodity and Derivatives Exchange, guarseed prices for November delivery slipped by Rs 71, or 2.13% to Rs 3,268 per quintal, revealing an open interest of 1,770 lots. 

Similarly, its prices for delivery in June fell by Rs 66, or 1.99% to Rs 3,243 per quintal, with an open interest of 1,91,570 lots.