Guargum futures climb on global cues

Guargum prices soared by Rs.350 to Rs.16,110 per quintal in future trading today as traders created huge speculative positions, tracking a firming trend overseas.
At the National Commodity and Derivatives Exchange, guargum prices for delivery in November contracts flared up by Rs.350, or 2.22 per cent to Rs.16,110 per quintal, in an open interest of 6,862 lots.
On similar lines, delivery in October month contracts traded at Rs.300, or 1.92 per cent at Rs 15,940 per quintal, having an open interest of 3,659 lots.
Marketmen said huge speculative positions built-up by participants in line with a firming trend overseas amidst rising export demand mainly supported the upside in guargum prices at futures trade here.

Besides, fall in supplies at the physical markets also influenced sentiments, they said.