Guarseed prices spurted by Rs 594 to Rs 22,162 per quintal in futures trade today due to brisk buying by speculators on limited stocks positions.
Marketmen said lower production of guarseed and damage of crops in the neighbouring country sparked sharp fluctuations in prices.
Strong export demand on account of weakness in the rupee against the dollar and higher consumption of the guarseed in oil drilling industries too influences the uptrend, they said.
On the National Commodities and Derivatives Exchange, guarseed prices for delivery in March rose by Rs 594, or 2.75%, to Rs 22,162 per quintal, with an open interest of 16,770 lots.
The July contract gained Rs 860, or 4%, to Rs 22,343 per quintal, with an open interest of 370 lots.