Guarseed futures slip on profit taking

Guarseed futures prices tumbled by Rs 40 to Rs 2,517 per quintal today, owing to profit booking at prevailing higher levels, in tandem with ample stock position and poor demand in physical markets.  

Market analysts said reduced offtake by guargum making industries, amid increased arrivals from producing regions, led to the fall here in futures prices of guarseed.

Slackness in cattle feed making industries' demand also pressurised traders to book profits at higher levels, they added.

At the National Commodity and Derivatives Exchange counter, guarseed prices for delivery in mid-February contract at Jodhpur declined sharply by Rs 40 or 1.56 per cent to Rs 2,517 per quintal, with an open interest of 5,600 lots. 

The prices for delivery in the most active month December also dropped by Rs 24 or 0.97 per cent to Rs 2,517 per quintal, revealing an open interest of 1,21,590 lots.