Guarseed futures recover on low level buying
Guarseed prices bounced back by Rs 24 to Rs 2,367 per quintal in futures trading today due to frantic buying by traders, guided by firm trend in the spot market.
Marketmen said restricted supply and heavy demand from guargum and cattlefeed makers mainly pushed up guarseed futures price.
They said some buying at existing lower levels after two day's fall in prices, also influenced the trading sentiments.
At the National Commodity and Derivatives Exchange, guarseed for mid-August month contract shot up by Rs 24 oer 1.02 per cent to Rs 2367 per quintal, with an open interest of 73,350 lots.
The July month contract also edged up by Rs 23 or 0.99 per cent to Rs 2,348 per quintal with a business volume of 1,21,350 lots.