Guarseed futures weaken on profit selling

Guarseed prices retreated by Rs 47 to Rs 3,702 per quintal in futures trading today as participants partially liquidated their positions at prevailing levels amid a weak trend at the physical markets on muted demand.
Marketmen said off loading of positions at higher levels by traders to lock-in profit, mainly led to fall in guarseed prices.
In addition, pick up in supplies, too weighed on prices, they added.
At the National Commodity and Derivative Exchange, guarseed 10 mt delivery for most-active delivery in October month slipped by Rs 47 or 1.25 per cent to Rs 3,702 per quintal, with an open interest of 72,470 lots.

Also, guarseed for delivery in November delivery dropped by Rs 44 or 1.16 per cent to Rs 3,737 per quintal, in an open interest of 35,520 lots.