Agri-commodity: Maize rabi, guar gum plunge on weak demand

Maize rabi prices went down by Rs 39 to Rs 1,203 per quintal in futures trading today as participants reduced exposure amid muted trend at the physical markets.

Marketmen said weak demand and rising ready stocks on constant supplies in spot markets, mainly weighed down on the prices.

At the National Commodity and Derivatives Exchange, maize rabi for delivery this month slumped by Rs 39, or 3.14 per cent, to Rs 1,203 per quintal, with an open interest of 5,650 lots.

Guar gum
Guar gum prices declined by Rs 89 to Rs 8,190 per quintal in future trading today as speculators liquidated positions, tracking weak sentiments at the domestic spot markets.

Marketmen said cutting down of bets by the speculators in line with subdued trend in spot markets mainly attributed the fall in guar gum future prices.

Besides, lower export demand also turned kept pressure on guar gum prices, they added.

At the National Commodity and Derivative Exchange counter, guar gum delivery for most-traded, delivery in October contracts dropped by Rs 89 or 1.09 per cent to Rs 8,190 per quintal, with an open interest of 43,600 lots.

The delivery for the November month contract also slipped by Rs 89 or 1.06 per cent to Rs 8,300 per quintal, in an open interest of 10,450 lots.