Guargum futures traded higher by Rs 220 to Rs 6,670 per quintal today as speculators indulged in enlarging positions, driven by strong demand at the spot markets amid reports of lower plantings in growing regions.
At the National Commodity and Derivatives Exchange, guargum for delivery this month rose by another Rs 220, or 3.41 per cent, to Rs 6,670 per quintal, with an open interest of 2,254 lots.
On similar lines, the most-active delivery in far-month October was trading higher by Rs 150, or 2.19 per cent, to Rs 7,000 per quintal, having an open interest of 48,657 lots.
Marketmen attributed persistent rise in guargum prices at futures trade to widening of positions by speculators, triggered by strong demand at the physical markets from consuming industries.
Besides reports of lower acreage in growing regions due to deficient rains, too supported the upmove, they added.
