Guargum futures recover on rising spot demand

Guargum prices were up by Rs 150 to Rs 8,220 per quintal in future trading today as participants increased their bets supported by rising demand in the spot markets.
At the National Commodity and Derivatives Exchange, guargum for delivery in most-active November contract was trading higher by Rs 150, or 1.86 per cent to Rs 8,220 per quintal, with an open interest of 22,743 lots.
Also, guargum for delivery in December recovered by Rs 150, or 1.86 per cent to Rs 8,360 per quintal, having an open interest of 12,847 lots.
Marketmen attributed rise in guargum prices at futures trade to widening of positions by speculators, tracking rising demand at the spot markets.

Besides, fall in arrivals of guarseed in the spot markets supported the upside, they said.