Guargum futures recover on short-covering, spot demand

Guargum prices rebounded by Rs 620 to Rs 16,380 per quintal in future trading today mostly on covering-up of short positions by speculators at current lower levels, tracking a firming trend at spot as well as overseas markets.
At the National Commodity and Derivatives Exchange, guargum for delivery in far-month December contracts shot up by Rs 620, or 3.93 per cent to Rs 16,380 per quintal, with an open interest of 90 lots.
On similar line, most-active October month contracts also traded Rs 420, or 2.66 per cent, higher at Rs.16,210 per quintal, clocking an open interest of 7,642 lots.

Marketmen said covering-up of short positions by traders at prevailing lower levels and pick up in export demand influenced guargum prices at futures trade.