Guargum futures regain 10k level tracking firming trend

NEW DELHI: Guargum futures recouped Rs 10,000 mark today as traders engaged in widening positions, tracking a firming trend at the domestic as well as overseas markets.

Marketmen said tight supplies and strong demand at spot markets mainly helped guargum to regain Rs 10,000 mark in futures trade. Besides, persistent overseas demand from oil drilling industries mainly kept prices higher, they said.

Deficient rains in guarseed growing regions like Rajasthan and Gujarat, affecting standing crops, was another factor behind rising prices, they added.

At the National Commodity and Derivatives Exchange counter, guargum delivery for December spurted by Rs 120, or 1.21 per cent to Rs 10,061 per quintal, with an open interest of 690 lots.

Also, most-active delivery in October contracts hardened by Rs 90, or 0.93 per cent to Rs 9,800 per quintal, in an open interest of 17,002 lots.