Guargum futures extend gains

Guargum prices flared up further by Rs 214 to Rs 7,509 per quintal in futures trade today as participants engaged in building up positions amid a firm trend at the spot markets.
Positive global cues too supported the upside.
At the National Commodity and Derivatives Exchange, guargum for delivery in May was traditionally higher by Rs 214 or 2.93 per cent, to Rs 7,509 per quintal, showing an open interest of 2,580 lots.
The most-active delivery in March also shot up by Rs 75 or 1.05 per cent, to Rs 7,247 per quintal, having an open interest of 30,625 lots.

Marketmen said, widening of positions by participants, tracking a firm trend at the physical markets coupled with positive global cues, mainly influenced guargum prices at futures trade here.
Besides acreage reductions and slowdown in arrivals from growing regions too influenced trading sentiments, they added.