Guar gum prices dived by Rs 294 to Rs 7,632 per quintal in futures trading today as participants cut down their bets in line with weak trend at the domestic spot markets amid subdued overseas cues.
Marketmen said trimming of positions by speculators along with a weak trend at the domestic spot markets on higher supplies of guar seed from growing belts and subdued overseas cues, led to fall in guar gum prices in futures trading.
Besides, muted export demand too kept pressure, they added.
At the National Commodity and Derivative Exchange, guar gum for delivery in May contracts plummeted by Rs 294 or 3.71 per cent to Rs 7,632 per quintal, having an open interest of 14,320 lots.
Guargum for most-active June delivery contracts too lost Rs 289 or 3.58 per cent to Rs 7,780 per quintal, having the business turnover of 41,960 open lots.
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