Guargum down 4% amid mounting stocks at the spot market

Commodity for delivery this month dipped by Rs 250, or 3.94%

Guargum prices plunged 4% to hit lower circuit at Rs 6,210 per quintal in futures trading today as speculators indulged in trimming positions amid mounting stocks at the spot market.

In futures trading at the National Commodity and Derivatives Exchange, guargum prices for most-active January month tumbled Rs 260, or 4% to hit lower circuit at Rs 6,210 per quintal, with an open interest of 25,507 lots.

On similar lines, guargum for delivery this month dipped by Rs 250, or 3.94% to Rs 6,100 per quintal, in an open interest of 14,287 lots.

Marketmen said mounting stocks position at the spot markets on persistent arrivals of guarseed from growing regions weighed on prices.