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Guargum futures plummet Rs 260/quintal on weak spot cues

Press Trust of India  |  New Delhi 

Guargum prices slumped by Rs 260 to Rs 6,570 per quintal in futures trading today after traders cut down their bets amid a weak trend at the physical markets on muted demand.

In futures trading at the National Commodity and Derivatives Exchange, guargum for delivery in October contracts slided by Rs 260, or 3,81 per cent to Rs 6,570 per quintal, depicting an open interest of 49,108 lots.

In a similar fashion, delivery in far-month November contracts also slipped by Rs 257, or 3.70 per cent to Rs 6,683 per quintal, having business turnover of 2,995 open lots.

Marketmen said apart from reduced offtake by guargum makers amid weak export demand and increased supplies from growing regions, kept pressure on guargum prices at futures trade here.

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First Published: Mon, August 08 2016. 12:07 IST