Guargum weakens as demand remains muted

Guargum prices dropped Rs 180 to Rs 9,700 per quintal in future trading today as participants offloaded positions amid subdued demand at the physical market amid weak overseas cues.
At the National Commodity and Derivatives Exchange, guargum for delivery in November contracts fell Rs 180, or 1.82 per cent, to Rs 9,700 per quintal and open interest stood at 1,344 lots.
Also, most-active October month delivery contracts dropped Rs 130, or 1.34 per cent, to Rs 9,590 per quintal in an open interest of 19,211 lots, while delivery in July shed Rs 70, or 0.76 per cent, to Rs 9,200 per quintal, with an open interest of 572 lots.

Marketmen said a weak trend at the spot market due to sluggish demand from consuming industries against increased supplies of guarseed mainly weighed on guargum prices.