Guar gum futures slip on weak spot demand, global cues

Guar gum prices dipped by Rs 241 to Rs 8,450 per quintal in futures trading today as participants indulged in trimming positions, tracking a weak trend at the domestic spot markets on low demand and muted global cues.

Marketmen said, besides offloading of positions at prevailing levels by participants, a subdued trend at the spot markets due to slackness in demand amid pick-up in supplies from growing belts also weighed on guar gum prices in futures trading.

Besides, a considerable fall in export demand too put pressure on prices, they added.

At the National Commodity and Derivatives Exchange, guar gum for delivery in July slumped by Rs 241, or 2.77 per cent, to Rs 8,450 per quintal, in an open interest stood at 115 lots.

The guar gum for May delivery too slipped by Rs 118, or 1.41 per cent, to Rs 8,230 per quintal, in an open interest of 43,690 lots.

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