Guargum futures plunge by Rs 210 per quintal

NEW DELHI: Guargum prices tumbled by Rs.210 to Rs.12,160 per quintal in futures trading today as speculators indulged in reducing positions, tracking a weak trend at spot and overseas markets.

At the National Commodity and Derivatives Exchange counter, guargum far-month April contracts dropped by Rs.210, or 1.70 per cent to Rs.12,160 per quintal, with an open interest in 15 lots.

Likewise, the most-active February month contract also lost Rs.40, or 0.33 per cent to Rs.12,060 per quintal, having an open interest of 9,980 lots.

Its delivery in January month contracts was down by Rs 30, or 0.25 per cent to Rs 11,910 per quintal, having an open interest of 7,950 lots.

Marketmen said increased arrivals and slackness in demand from consuming industries in spot markets, mainly weighed on guargum prices at futures trade here.

Further, fall in export demand too negatively impacted sentiments, they said.