Guar gum prices drifted lower by Rs 154 to Rs 7,819 per quintal in futures trading today as partciipants indulged in liquidating positions amid a weak trend at the domestic spot markets and weak global cues.
Marketmen said the steep fall in guar gum prices in futures trade was mostly due to offloading of positions by participants amid weak trend at the physical markets on mounting socks following non-stop arrivals of guar seed from growing regions.
Besides, sluggish domestic and falling export demand put pressure on prices, they added.
At the National Commodity and Derivatives Exchange, guar gum for delivery in October plummeted by Rs 154, or 1.93 per cent, to Rs 7,819 per quintal, revealing an open interest of 5,420 lots.
The most-traded delivery in November also fell by Rs 153, or 1.89 per cent, to Rs 7,943 per quintal, showing an open interest of 46,375 lots.