Guarseed futures hit upper circut on limited stocks

Guarseed futures prices hit a daily upper limit of four% by adding Rs 255 to Rs 6,616 per quintal today, on the back of low inventories amid firm export demand.

All the seven running contracts hit the upper circuit today in early morning.

Marketmen said tight stocks position triggered by fall in production this year mainly pushed up the prices.

Strong export demand and firming trend in overseas markets also influenced the trading sentiments, they said.

At the National Commodity and Derivatives Exchange, the December contract shot up by four%, or Rs 255 at Rs 6,616 per quintal, with an open interest of 8,020 lots.

January guarseed too remained higher by a similar margin by adding Rs 260 at Rs 6,757 per quintal, having an open interest of 1,45,670 lots.

The far June month contract also freeze in daily upper limit of four%, or Rs 276 to Rs 7,169 per quintal, clocking an open interest of 310 lots.