Guarseed futures today hit the upper limit of 4% and set a new peak level over Rs 14,000 per quintal on brisk buying by speculators against limited stocks positions.
Marketmen said despite imposing of several measures by the exchange authorities to curb unprecedented rise in guarseed prices, all the ruling contracts hit an daily upper limit of 4% on speculators creating heavy positions.
Lower production of guarseed and damage to crops in neighbouring countries sparked the sharp upsurge in prices they added.
A hike in export demand on account of weakness in rupee against the dollar and higher consumption of the guarseed in oil drilling industries fueled the uptrend, they added.
On the National Commodities and Derivatives Exchange, the March contract shot up by its daily upper limit of 4%, or Rs 541 to an all-time high of Rs 14,061 per quintal, with a business volume of 25,500 lots.
The February contract soared by Rs 537, or 4%, to Rs 13,941 per quintal, with an open interest of 21,350 lots.
The July contract surged by its daily upper limit of 4%, or Rs 538 to Rs 13,972 per quintal in 430 lots.