Guargum futures advance as participants widen position

Guargum prices recorded a gain of Rs 40 at Rs 5,620 per quintal in futures trading today as traders were seen widening their position amid firm overseas cues and pick-up in domestic demand.
At the National Commodity and Derivatives Exchange, guargum for delivery in July edged up by Rs 40, or 0.72 per cent to Rs 5,620 per quintal, with a business turnover of 33,953 open lots.
Also, the commodity for delivery this month was trading higher by Rs 30, or 0.55 per cent to Rs 5,510 per quintal, in an open interest of 8,800 lots.
Marketmen attributed rise in guargum futures to expanding of positions, driven by positive global cues and rising demand at the domestic spot markets.