Guargum futures up on short-covering

Guargum prices rebounded by Rs 160 to Rs 9,660 per quintal in futures trading today as speculators covered-up their short positions at existing lower levels.
At the National Commodity and Derivative Exchange platform, guargum for delivery in far-month May contracts rose by Rs 160, or 1.68 per cent to Rs 9,660 per quintal, in an open interest of 39 lots.
Similarly, delivery in February month contract recovered by Rs 90, or 0.99 per cent to Rs.9,210 per quintal, with an open interest of 2,276 lots.
Guargum for delivery in most-active March contracts also rose by Rs 90, or 0.97 per cent to Rs.9,340 per quintal, clocking an open interest of 14,348 lots.

Marketmen said covering-up of short positions by speculators at prevailing levels mainly influenced guargum prices.