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Guar gum futures feel the pinch of weak export demand

Press Trust of India  |  New Delhi 

Guar gum prices declined by Rs 185 to Rs 7,417 per quintal in futures trading today after speculators rolled down their bets because of lacklustre demand.

Besides, weak global cues weighed on prices.

At the National Commodity and Derivative Exchange, guar gum for delivery in June plunged by Rs 185, or 2.43 per cent, to Rs 7,417 per quintal, clocking a business turnover of 44,730 open lots.

Guar gum to be delivered in July contracts also plummeted by Rs 159, or 2 per cent, to Rs 7,805 per quintal, with an open interest of 4,095 lots.

Marketmen said offloading of positions by participants amid a weak trend at the domestic spot market on persistent supplies of guar seed from growing regions led to the fall in guar gum prices here.

Besides, weak export demand negatively impacted sentiment.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 19 2017. 12:57 IST