Mumbai Guar seed and guar gum futures opened marginally up on short covering of yesterday's around three per cent losses, but soon returned to the red zone on renewed selling by traders and speculators during initial hours on the National Commodity and Derivatives Exchange [NCDEX] Tuesday. The market is discouraged by the continuing weakness in physical markets on expectations of rainfall.

Spot guar continued to slide downwards at major physical markets Monday amid predictions of rainfall on September 12 in western Rajasthan. The standing crop in a few places in Rajasthan benefitted from Sunday's rainfall, but the rains were not sufficient to bring bigger results.

As on September 06, demat stock of guar seed in NCDEX-monitored warehouse was 56,530 tonnes whereas 491 tonnes were in process. Demat stocks of guar gum were at 6,167 tonnes while zero tonne were in process. MCX-accredited warehouses were stacking up 30 tonnes of guar seed as of September 06.

NCDEX September guar seed opened up Rs four at Rs 1,670/quintal, and tossed between Rs 1,654 and Rs 1,674/quintal. At 11.20 am IST, the contract traded down Rs eight at Rs 1,658/quintal with a volume 5110 tonnes.

Benchmark November guar seed opened up Rs six at Rs 1,725/quintal, and fluctuated between Rs 1,707 and Rs 1,726/quintal. At 11.20 am IST, the contract traded down Rs eight at Rs 1,711/quintal with a volume of 48,560 tonnes.

NCDEX September guar gum opened up Rs three at Rs 4,176/quintal, and tossed between Rs 4,159 and Rs 4,188/quintal. At 11.11 am IST, the contract traded steady at Rs 4,173/quintal with a volume of 185 tonnes.

Benchmark September guar gum opened up Rs 14 at Rs 4,320/quintal, and saw movement between Rs 4,290 and Rs 4,320/quintal. At 11.17 am IST, the contract traded down Rs nine at Rs 4,297/quintal with a volume of 185 tonnes.