Guargum futures slip on heavy selling

NEW DELHI: Guargum prices declined by Rs 470 to Rs 17,650 per quintal in futures trading today as speculators trimmed positions in tune with weak export and domestic spot demand.

Marketmen said participants offloaded positions amid lower cues from global markets.

Besides, increased supply of guarseed from growing belts amid slackness in demand of guargum at physical markets too weighed on prices, they added.

At the National Commodity and Derivatives Exchange counter, guargum prices for October contract slipped by Rs 470, or 2.59 per cent, to Rs 17,650 per quintal, with an open interest of 12,637 lots.

Second contract for November month too dropped by same margins of Rs 470, or 2.57 per cent, to Rs 17,850 per quintal, having an open interest of 570 lots.