Guargum futures rise on thin supply in spot market

Guargum prices increased by Rs 102 to Rs 6,255 per quintal in future trade today as speculators were seen enlarging their positions, powered by a firming trend at the domestic physical amid positive global cues.
Marketmen said traders were seen expanding their bets in line with firm spot markets on strong demand from oil drilling industries overseas, influenced guargum futures prices.
Besides, thin supplies from growing regions in the physical markets, too supported the upmove, they quoted.
At the National Commodity and Derivative Exchange, guargum for delivery in most-active December month climbed by Rs 102 or 1.66 per cent to Rs 6,255 per quintal, with an open interest of 35,810 lots.

Also, the commodity for delivery in January delivery gained by Rs 95 or 1.53 per cent to Rs 6,320 per quintal, in an open interest of 11,820 lots.