Guarseed futures drop on heavy selling

Guarseed prices slumped by Rs 98 to Rs 3,707 per quintal in futures trading today following shortened of positions by speculators, tracking a weak trend at the spot markets.
Marketmen attributed fall in guarseed prices at futures trade to shrinking the positions by participants amid a weak trend at the spot markets on muted demand from guargum makers amid steady inflow of supplies from growing areas.
At the National Commodity and Derivative Exchange counter, guarseed 10 mt delivery for most active first contract October month plunged by Rs 44, or 1.17 per cent to Rs 3,726 per quintal, revealing an open interest of 99,070 lots.

Likewise, second contract November month delivery plummeted by Rs 40, or 1.05 per cent to Rs 3,771 per quintal, showing business turnover of 11,870 open lots.