Mumbai - Guar seed and guar gum futures on the National Commodity and Derivatives Exchange [NCDEX] traded on a weak note Tuesday.

Guar seed Dec contract traded slightly higher however market players believe that the rise holds no significance.

According to traders, speculative selling and profit taking in the market is weighing on guar futures.

Guar prices were quoted firmly on Monday in leading spot markets of Rajasthan and Haryana supported by robust buying by stockists. Arrival in leading spot markets across the nation yesterday was estimated at nearly 40,000 bags.

Demat stock of guar seed at the NCDEX warehouse, as of Dec.14 was 41,433 tonnes, while 2,432 tonnes were in process. For guar gum, demat stocks were at 5,752 tonnes and 50 tonnes in process. The MCX warehouses were stacked up with 2,508 tonnes of guar seed as on Dec.14.

On NCDEX, Guar seed Jan. contract traded weaker by Re.1 at Rs.1,641 per quintal. Volume traded so far for Jan. contract was noted at 2,380 tonnes

Dec. contract traded up by Rs.5 at Rs.1,591 per quintal while March contract traded at Rs.1,720 per quintal with a decline of Rs.2. Volume traded for Dec. and March contract was noted at 290 tonnes and 1,890 tonnes respectively

On NCDEX, Guar gum Dec. contract slipped by Rs.47 to trade at Rs.4,005 per quintal. Volume traded for Dec. contract was noted at 20 tonnes.