Guargum futures up on spot cues

Guargum prices spurted by Rs 100 to Rs 7,049 per quintal in futures trade today as traders expanded their bets in line with emerging spot markets.
Marketmen said thin supplies and pick up in demand in spot markets at lower levels mainly helped to boost upward trading here in future markets.
Besides, rising export demand for oil drilling industries too supported up mark in future prices, they added.
At the National Commodity and Derivative Exchange counter, guargum delivery for immediate contract June month hardened by Rs 100 or 1.44 per cent to Rs 7,049 per quintal, in an open interest of 5,365 lots.

The most traded second contract July month delivery also surged ahead by Rs 91 or 1.28 per cent to Rs 7,216 per quintal, clocking an open interest of 47,120 lots.