Guarseed prices shot up by Rs 102 to Rs 3,528 per quintal in futures trade today on heavy buying by traders in line with a firm spot markets sentiment.
Market analysts said rising demand and restricted supply at domestic markets mainly influenced trading sentiments here in futures price of guarseed. Strong demand from guargum making industries was another reason behind price rise, they added.
At the National Commodity and Derivatives Exchange, guarseed price for delivery in November climbed by Rs 102, or 2.98%, to Rs 3,528 per quintal, with an open interest of 9,220 lots.
Its prices for August delivery jumped up by Rs 76, or 2.23%, to Rs 3,490 per quintal, with an open interest of 38,740 lots.
Similarly, prices for delivery in July attracted buyers attention and gained by Rs 71, or 2.11%, to Rs 3,435 per quintal, with an open interest of 2,18,150 lots.
