Guarseed futures contract for April today hit the daily upper limit of 4% on strong export demand in spot market against low inventories.
Marketmen said frantic buying by traders in line with heavy export demand against restricted supply mainly pushed up the commodity prices.
The fall in the rupee against the dollar also aided the trading sentiments among exporting units, they added.
At the National Commodity and Derivatives Exchange, guarseed prices for April hit a daily upper limit of 4% set by the exchange authorities to avoid unwanted volatility.
The price rose by Rs 298 to Rs 7,740 per quintal, with an open interest of 1,380 lots.
The January contract surged by Rs 181, or 2.47%, to Rs.7,515 per quintal, clocking an open interest of 79,650 lots.
Gaurseed prices for delivery in February also rose by Rs 187, or 2.51%, to Rs 7,645 per quintal, with an open interest of 79,430 lots.
