Guar Seed futures traded lower on increased selling pressure by traders on the back of strong supplies by farmers in local mandies along with restricted demand by guar gum millers. The trading sentiment weakened further on expectations of higher output as farmers expanded the area under cultivation and on conducive weather. Meanwhile, some market men preferred to be on the sidelines and wait for the prices of the commodity to dip to initiate fresh buying activities.
The contract for October delivery was trading at Rs 6529.00 /100 KG, down by 4.00% or Rs 272.00 from its previous closing of Rs 6801.00 /100 KG. The open interest of the contract stood at 275.00 lots.
The contract for November delivery was trading at Rs 6366.00 /100 KG, down by 4.00% or Rs 265.00 from its previous closing of Rs 6631.00 /100 KG. The open interest of the contract stood at 192.00 lots on MCX