Guargum futures climb 6 per cent, hit upper circuit

Guargum prices zoomed by Rs 520, or 6 per cent to hit upper circuit at Rs 9,190 per quintal in futures trading today, powered by strong spot and overseas demand.
Marketmen said widening of positions by speculators at prevailing levels coupled with a firming trend at the spot markets, helped guargum to hit upper circuit of six per cent (4 pc and 2 pc).
Furthermore, tight supplies from growing centres and positive global cues influenced prices, they said.
At the National Commodity and Derivatives Exchange, guargum delivery in October contracts spurted by Rs 520, or six per cent to hit upper circuit at Rs 9,190 per quintal, having an opening interest of 18,052 lots.

Guargum for delivery in November rose by a similar margin to hit upper circuit at Rs 9,300 per quintal, in an open interest of 12,887 lots.