Guarseed spurts in futures trade on increased buying

Guarseed prices spurted by 2.29 per cent to Rs 2,543 per quintal in futures trade today, as speculators created fresh positions, supported by a firming trend at spot markets. 

Marketmen said apart from strong demand from guargum and cattlefeed making industries, fall in supplies in the market from growing regions, also attributed to the rise in prices.

At the National Commodity and Derivatives Exchange counter, guarseed for delivery in January contract moved up by Rs 57 or 2.29 per cent to Rs 2,543 per quintal, with an open interest of 1,73,200 lots.  

Guarseed for delivery in December-month contract too also traded Rs 53 or 2.18 per cent higher at Rs 2,489 per quintal, with an open interest of 8,960 lots.

While April contract quoted higher by Rs 27 or 1.04 per cent to Rs 2,623 per quintal, with an open interest of 190 lots.