Guarseed prices dropped by Rs 119 to Rs 2,873 per quintal in futures trading today after traders reduced their positions, driven by rising inventories at spot markets.
Marketmen said adequate stocks at the spot market following increased supplies mainly weighed on the guarseed futures prices here.
At the National Commodity and Derivatives Exchange, guarseed prices for May delivery contract fell by Rs 119, or 3.98 per cent, to Rs 2,873 per quintal, with an open interest of 1,040 lots.
Similarly, the delivery in current-month February contract also slipped by Rs 43 or 1.58 per cent to Rs 2,680 per quintal, with an open interest of 13,360 lots.
The March contract also went down by Rs 42 or 1.51 per cent to Rs 2,746 per quintal, mirroring an open interest of 1,85,830 lots.