Guar seed futures plunged on MCX on expectations of higher production from the major producing areas on account of strong rainfall, which has helped the grown crop to flourish. Moreover, traders and speculators offloaded holdings in wake of the additional supply, which further pressurised the prices of the commodity in the domestic markets.
The contract for October delivery was trading at Rs 5,833.00/100 KG, down by 2.99% or Rs 180.00 from its previous closing of Rs 6,013.00/100 KG. The open interest of the contract stood at 135 lots.
The contract for November delivery was trading at Rs 5,223.00/100 KG, down by 3.99% or Rs 217.00 from its previous closing of Rs 5,440.00/100 KG. The open interest of the contract stood at 121 lots on MCX.