Guarseed futures hit daily upper limit

NEW DELHI: Guarseed prices firmed up to hit their daily upper circuit of 3 per cent in futures trading today on brisk buying by traders in line with firm overseas and domestic market cues.

Marketmen said the commodity remained in keen demand on frantic buying by guargum makers and restricted arrivals from growing regions.

Strong export demand, driven by weak rupee against dollar, also helped in boosting the trading sentiments, they added.

India is the leading producer and exporter of guarseed and guargum.

At the National Commodity and Derivatives Exchange, guarseed prices for second last March month contract spurted to hit daily upper limit of 3 per cent or Rs 150 at Rs 5,155 per quintal, clocking an open interest of 2,410 lots.

Current January month contract also climbed up to hit daily upper limit of three per cent, or Rs 145, at Rs 4,995 per quintal with an open interest of 6,408 lots.

Most active near February month contract also jumped up by the same margin of Rs 145, or 2.95 per cent, to Rs 5,065 per quintal with an open interest of 14,267 lots.