Guarseed prices hit upper circuit, surges 4%

Guarseed prices shot up by Rs 910, or 4.04%, to hit upper circuit at Rs 23,450 per quintal in futures trading today, after speculators enlarged positions buoyed by low inventories amid strong demand.

All the running March, April and July contracts hit upper circuits by rising 4%.

At the National Commodity and Derivatives Exchange, guarseed for delivery in March shot up by Rs 910, or 4.04% to hit upper circuit at Rs 23,450 per quintal, with an open interest of 7,174 lots.

The most-active near April contract also climbed by Rs 910, or 4.01% to Rs 23,600 per quintal, having an open interest of 8,039 lots, while far-month July contract spurted by Rs 900, or 4.03% to Rs 23,210 per quintal, clocking an open interest of 378 lots.

Marketmen said huge positions built-up by speculators following low inventories amid strong export demand, mainly attributed the sharp rise in guarseed prices at futures trade.