Guarseed futures weaken on profit taking

Guarseed prices fell by Rs 29 to Rs 2,977 per quintal in futures trading today on profit booking at higher levels.

Marketmen said traders preferred to offload their holdings at higher levels, pushed up the prices. 

Higher supply and reduced offtake in physical markets also influenced the trading sentiment to some extent in futures markets, they added.

At the National Commodity and Derivatives Exchange (NCDEX), guarseed prices for June contract to be delivered at Jodhpur slipped by Rs 29, or 0.96 per cent, to Rs 2,977 per quintal, showing an open interest of 260 lots. 

March contract declined by Rs 19, or 0.65 per cent to Rs 2,854 per quintal, with an open interest of 66,330 lots.

February contract added Rs 11, or 0.39 per cent to Rs 2,800 per per quintal, with an open interest of 2,02,810 lots.