Guarseed futures hit daily upper limit

NEW DELHI: Guarseed prices depicted daily upper limit of four per cent in the future trading today on brisk demand from guargum amid restricted arrivals, sparked by low inventories.

Marketmen said the prices remained in keen demand due to leaning of stocks, supported by frantic buying by guargum makers and restricted arrivals from growing regions.

Strong demand from exporters due to fall in rupee against US dollar too attributed the rise in prices, they said.

At the National Commodity and Derivatives Exchange, guarseed prices for October month hit daily upper limit of four per cent, or Rs.270 at Rs.7,000 per quintal with an open interest of 9,024 lots.

Near November contract climbed by Rs.260, or 4.06 per cent at Rs 6,670 per quintal, in open interest of 8,832 lots.