Guar gum futures drop by Rs 101 per quintal
New Delhi: Guar gum prices fell by Rs 101 to Rs 8,240 per quintal in futures trade today as speculators cut down their exposure, triggered by a sharp correction in global crude oil prices amid a weak trend at the domestic spot markets.
Market players attributed a steep fall in guar gum prices to offloading of positions by participants due to trimming of holdings by speculators amid tepid export demand.
Besides, a sharp correction in global crude oil prices as the market eyed an increase in output from the worlds' three top crude producers, Russia, the US and Saudi Arabia, weighed on prices, they added.
At the National Commodity and Derivatives Exchange, guar gum to be delivered in July contracts weakened by Rs 101, or 1.21 per cent, to Rs 8,240 per quintal, with an open interest of 22,650 lots.
Similarly, the most-traded delivery in June dropped by Rs 94, or 1.14 per cent, to Rs 8,138 per quintal with an open interest of 39,740 lots.