India, Jan. 7 -- Guar gum prices declined sharply in futures trade on Wednesday as traders reduced positions amid subdued demand conditions in the spot market.
On the National Commodity and Derivatives Exchange (NCDEX), guar gum contracts for January delivery fell by Rs 124, or 1.14 per cent, to Rs 10,721 per quintal, with trading volume of 15,995 lots. The contract had closed at Rs 10,845 per quintal in the previous session.
The February delivery contract also weakened, slipping Rs 134, or 1.21 per cent, to Rs 10,900 per quintal, with turnover of 52,070 lots. It had settled at Rs 11,034 per quintal on Tuesday.
Market participants attributed the decline to profit booking and a weak trend in the spot market, which weighed on guar gum pric...