Guargum futures recover on firm spot, global cues

Guargum prices rebounded by Rs 33 to Rs 6,372 per quintal in futures trading today following short covering by speculators at existing levels, inspired by emerging physical as well as overseas markets.
Marketmen said after yesterday's fall, traders were indulged in accumulating cues from firm spot markets where prices found fresh support on strengthening of demand and tight supplies, this attributed the rise in guargum prices in futures trading.
Besides, gearing up in export demand for oil drilling industries in global markets too gave a push to the prices, they quoted.
At the National Commodity and Derivatives Exchange, guargum delivery for February regained by Rs 33, or 0.52 per cent, to Rs 6,372 per quintal, with an open interest of 30,485 lots.

Meanwhile, the first contract of January reclaimed by Rs 28, or 0.45 per cent, to Rs 6,302 per quintal, having an open interest of 13,655 lots.