Guargum future weakens on profit-taking

Guargum prices turned weak by losing Rs 99 to Rs 6,723 per quintal in the future trading today, as profit booking seen on existing higher levels.

Market analysts said traders preferred to offload their holdings at prevailing higher levels after yesterday's steep rise, pulled down guargum prices.

Fall in demand from consuming industries at physical markets also helped to led the fall, they added.

At the National Commodity and Derivatives Exchange counter, guargum futures prices for mid-March delivery at Jodhpur dropped by Rs 99, or 1.45 per cent to Rs 6,723 per quintal, with an open interest of 5,545 lots.

Most active February-month delivery contract dipped by Rs 90 or 1.33 per cent to Rs 6,654 per quintal, with an open interest of 39,445 lots.

Current January-month delivery contract went down by Rs 83 or 1.25 per cent to Rs 6,560 per quintal, with an open interest of 13,170 lots.