Guar seed futures fall 2.61% on weak spot cues

NEW DELHI, Feb 23: Guar gum prices dropped by 2.61 per cent to Rs 4,354 per quintal in futures trade today after speculators liquidated their holdings, tracking a weak trend in the physical market.
Marketmen attributed the sharp fall in guar seed futures prices to trimming of positions by participants amid mounting stocks on persistent supplies from growing regions and sluggish demand from guar gum makers.
At the National Commodity and Derivative Exchange, guar seed for delivery in the April contracts fell by Rs 116.50 or 2.61 per cent to Rs 4,354 per quintal, with an open interest of 49,870 lots.
Guar seed for the most-traded March contracts also slumped by Rs 109 or 2.46 per cent to Rs 4,321.50 per quintal, with and open interest of 1,41,700 lots. (PTI)