Guarseed prices dropped by Rs 74 to Rs 3,333 per quintal in futures trade today on heavy selling by traders against ample supply in physical markets.
Market analysts said a weakening export demand of guar gum amid reports of rise in production, advised traders to off-load their positions.
At the National Commodity and Derivatives Exchange, guarseed prices for September declined by Rs 74, or 2.17% to Rs 3,333 per quintal, in an open interest of 480 lots.
Guarseed prices for June delivery slipped by Rs 62, or 1.89% to Rs 3,225 per quintal in 1,91,500 lots. Likewise, its prices for May delivery contract fell by Rs 37, or 1.15% to Rs 3,192 per quintal, with a business turnover of 9,730 lots.
