NCDEX Guargum softens as markets eye tumble in crude oil

NCDEX Guargum futures fell sharply today amid a hefty slide in WTI Crude oil futures this week. Crude oil prices extended decline as reports stated Washington and Tehran were holding talks and could reach an agreement soon. US benchmark West Texas Intermediate crude futures tanked 6.4% at $75.20 per barrel. This pulled down NCDEX Guargum futures for September as the counter eased after a spike above Rs 12K per quintal earlier this week. The counter is currently down 0.18% at Rs 11794 per quintal. Guargum is heavily used in crude oil extraction as a thickening agent. Meanwhile, Rajasthan and Gujarat are witnessing heavy monsoon spells and could support guarseed output in these states.

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