Guarseed futures decline on mounting stocks, weak export

NEW DELHI, June 9:  Guarseed prices fell by Rs 70 to Rs 4,910 per quintal in futures trading on reports of higher production estimates along with huge carryover stocks.
At the National Commodity and Derivatives Exchange counter, guarseed prices for delivery in current month June contracts fell by Rs 70, or 1.41 per cent, to Rs 4,910 per quintal, with an open interest of 11,877 lots.
Most-active delivery in July month contracts fell by a similar margin to trade at Rs 5,055 per quintal, in an open interest of 12,765 lots.
Marketmen said in addition to rising stocks on the back of ample supplies from growing regions, weak export demand also weighed on guarseed prices at futures trade.
India is the key grower and exporter of the commodity and produces almost 80 per cent of the world’s total. (PTI)

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