Guar gum futures drop over 1 pc on weak export demand

Guar gum prices fell by over 1 per cent or Rs 91 to Rs 8,032 per quintal in the futures trade today due to a weak trend at physical markets amid sluggish export demand.

At the National Commodity and Derivative Exchange, the most traded November month contract of guar gum dropped by Rs 91 or 1.12 per cent to Rs 8,032 per quintal, with a business turnover of 45,130 open lots.

The December month contract declined by Rs 88 or 1.06 per cent to Rs 8,181 per quintal, with an open interest of 21,235 lots.

Marketmen attributed the fall in guar gum prices to offloading of positions by speculators amid mounting stocks on constant supplies of guar seed from growing belts.

Besides, muted export demand kept pressure on prices, they said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)