Guar gum prices dropped Rs 28 to Rs 8,239 per quintal in futures trade today on narrowing exposures by the speculators discouraged by weak export demand.
Market players attributed the down movements in guar gum futures prices to ample stocks on steady inflow of supplies from producing belts amid slackness in export demand for oil drilling industries in the spot markets.
Besides, rising rupee value against the US dollar too kept the investors away, because appreciating rupee affected the export of the products, they added.
India exported about 80 per cent of guar gum to other countries.
At the National Commodity and Derivatives Exchange, guar gum delivery for June contract declined by Rs 28, or 0.34 per cent, to Rs 8,239 per quintal, persisting an open interest of 43,370 lots.
Similarly, the delivery of the second contract July fell by Rs 25, or 0.30 per cent, to Rs 8,351 per quintal with an open interest of 18,970 lots.
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