Guarseed futures recovers on short-covering

Guarseed prices rebounded by Rs 95 to Rs 5,365 per quintal in futures trading today thanks to low levels buying by speculators, supported by firm spot markets.
Marketmen said fall in supply along with pick up in demand at physical markets mainly encouraged traders to built up new commitments on prevailing lower levels.
At the National Commodity and Derivatives Exchange counter, guarseed prices for most far contract August month delivery regained by Rs 95, or 1.80 per cent, to Rs 5,365 per quintal, with an open interest of 1,159 lots.
Most active near July month contract recovered by Rs 90, or 1.75 per cent, to Rs 5,245 per quintal, having an open interest of 5,240 lots.

Current June month contract also remained in keen demand, attracted participants attention by rising Rs 75, or 1.50 per cent, to Rs 5,075 per quintal in an open interest of 8,151 lots.