Guargum surges in futures trade on strong spot demand

Supported by rising demand in the spot markets, guargum prices strengthened by Rs 420 to Rs 11,490 per quintal in future trading today as participants enlarged position.
In futures trading at the National Commodity and Derivatives Exchange, guargum prices for May contracts shot up by Rs 420, or 3.79 per cent to Rs 11,490 per quintal, with an open interest of 379 lots.
Also, most-active delivery in June contracts gained Rs 320, or 2.80 per cent to Rs 11,740 per quintal, with an open interest of 15,577 lots.
Marketmen said apart from restricted arrivals of guarseed, strong demand in spot markets, attributed rise in guargum prices at futures trade here.

Fresh export demand also positively impacted sentiment, they added.