Guarseed futures climbs on frantic buying

Guarseed futures prices rose Rs 74 to Rs 2,655 per quintal in the futures trading today following brisk buying by traders in line with firm spot market sentiment. 

Market analysts said heavy demand from guargum making industries against restricted supply mainly led to a rise in guarseed prices at futures market.

Low stocks positions was another reason behind rise in guarseed prices, they added.

At the National Commodity and Derivatives Exchange counter, guarseed prices for delivery in May at Jodhpur spurted by Rs 74, or 2.87 per cent to Rs 2,655 per quintal, with an open interest of 460 lots.

Most-active January contract flared up by Rs 30 or 1.21 per cent to Rs 2,518 per quintal, with an open interest of 1,52,420 lots.