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24-Jul2013

Guar Seed futures extend losses on sluggish demand

Guar Seed futures were trading lower for the second consecutive day due to sluggish demand in the spot market and higher area under cultivation. The trading sentiment weakened further due to higher carry-forward stocks and weak export demand. Meanwhile, as per some report India's output of guar will rise this year as farmers increase cultivation on expectations of a good monsoon.

The contract for October delivery was trading at Rs 4877.00/100 KG, down by 0.83% or Rs 41.00 from its previous closing of Rs 4918.00 /100 KG. The open interest of the contract stood at 3481.00 lots.

The contract for November delivery was trading at Rs 4819.00/100 KG, down by 1.13% or Rs 55.00 from its previous closing of Rs 4874.00/100 KG. The open interest of the contract stood at 2450.00 lots on MCX.


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