Guargum zooms on low inventories

Guargum prices rose by Rs 203 to Rs 6,958 per quintal in futures trading today owing to speculative buying, directed by firm spot market sentiment.

Marketmen said strong industrial demand due to low inventories put weight on prices here in futures market.

At the National Commodity and Derivatives Exchange platform, guargum for April-month contract jumped up by Rs 203 or 3.01 per cent to Rs 6,958 per quintal, with an open interest of 95 lots.

Current January-month contract hardened by Rs 44 or 0.66 per cent to Rs 6,726 per quintal, with an open interest of 13,350 lots.

February contract also rose by Rs 44 or 0.65 per cent to Rs 6,823 per quintal, with an open interest of 40,835 lots.