Guarseed prices dropped further by Rs 65, or 2.99 per cent, to Rs 2,111 per quintal in the futures trade, as increased rainfall raised hopes of higher crop this season amid less spot demand.
Marketmen said favourable rainfall in major guar growing regions particularly in Rajasthan indicated better crop this season and higher supply.
At the National Commodity and Derivatives Exchange (NCDEX) platform guarseed prices for February contract plunged by Rs 65, or 2.99 per cent, to Rs 2,111 per quintal, with an open interest of 140 lots.
Most-active September contract too followed the suit and dipped by Rs 17, or 0.82 per cent, to Rs 2,048 per quintal, with an open interest of 1,70,600 lots.
