Guargum prices shot up by Rs 510 to Rs 9,030 per quintal in the future trading today after participants widened positions, supported by strong domestic as well as export demand.
At the National Commodity and Derivatives Exchange, guargum for delivery in far-month contract December month climbed up by Rs 510, or 5.99 per cent to Rs 9,030 per quintal, with an open interest of 488 lots.
Also, guargum for delivery in most-active October month contracts shot up by Rs 490, or 5.93 per cent to Rs 8,760 per quintal, in an open interest of 15,488 lots.
Marketmen attributed significant rise in guargum prices to widening of positions by speculators driven by strong domestic and export demand amid negligible supplies.
Easing of norms for transactions by the authorities too supported the upside, they said.
The deprecation of the rupee against the US dollar, plunging to almost two-year low of 66.50 (intra-day), was another factor behind rising prices, they added.
