Guarseed futures climbs over 3% on frantic buying

Guarseed prices strengthened by Rs 81 to Rs 2,670 per quintal in the future trading today, following brisk buying by traders in line with firm spot markets sentiment.

Market analysts said heavy demand from guargum-making industries, which was triggered by restricted supply, led to the rise in guarseed prices at future market.

Low ready stocks positions was another reason behind sharp jump in guarseed prices, they added. 

At the National Commodity and Derivatives Exchange counter, guarseed prices May month contract delivery at Jodhpur surged by Rs 81 or 3.13 per cent to Rs 2,670 per quintal, with an open interest of 80 lots. 

December-month contract also shot up by Rs 41 or 1.66 per cent to Rs 2,518 per quintal, having an open interest of 1,58,450 lots.