Guar gum futures decline on weak export demand

NEW DELHI, Feb 14: Guar gum prices weakened by Rs 73 to Rs 9,715 per quintal in futures trade today as speculators cut bets in tune with subdued physical market cues amidst weak export demand.

Market players said traders were cutting down portfolios under pressure of falling prices in the spot market due to sluggish export demand from oil drilling industries because of falling crude oil prices.

At the National Commodity and Derivative Exchange, guar gum delivery for March contracts dropped by Rs 73, or 0.75 per cent, to Rs 9.715 per quintal in an open interest of 76.215 lots.

Likewise, the delivery for the February contracts declined Rs 51, or 0.53 per cent, to Rs 9,620 per quintal, clocking open interest of 805 lots. (PTI)