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Guar gum prices dropped by ₹57 to ₹8,503 per quintal in futures trade Tuesday as traders cut the bets on subdued physical sentiments amid lower export demand.
Sell-off of positions by investors at upper levels and pessimistic physical markets due to weak export demand for oil drilling industries dragged down guar gum prices in futures trade, marketmen said.
At the National Commodity and Derivatives Exchange, guar gum for delivery in March slid by ₹57, or 0.67 per cent, to ₹8,503 per quintal with an open interest of 46,215 lots.
Likewise, April-delivery contract shed ₹76, or 0.87 per cent, to ₹8,657 per quintal with an open interest of 66,325 lots.
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