Guargum crosses Rs 10k mark in futures trade

Continuing its winning-run, guargum prices zoomed by another Rs 540 to cross Rs 10,000 per quintal level in futures trade today as participants indulged in widening speculative positions, supported by firming trend at the spot markets amid deficient rains in producing belts.
At the National Commodity and Derivative Exchange, guargum prices for delivery in far-month December contracts climbed Rs 540, or 5.70 per cent to Rs 10,010 per quintal, in an open interest of 607 lots.
Also, guargum for delivery in October month spurted by Rs 460, or 4.94 per cent to Rs 9,780 per quintal, with an open interest of 15,964 lots.

Marketmen attributed steep rise in guargum prices at futures trade to speculative positions built up by participants, driven by a firming trend at the spot markets and reports of deficient rains at producing regions, affecting standing crops.
Yesterday's, guargum had hit daily limit of six per cent.