Guarseed futures recover on short covering

Guarseed prices recovered by Rs 17 or 0.74 per cent to Rs 2,322 per quintal in futures trade today due to short covering by traders, guided by firm spot market cues.

Marketmen said pick up in demand at prevailing lower levels from guargum and cattle-feed makers and restricted supply in physical markets, influenced the trading sentiment.

At the National Commodity and Derivatives Exchange, guarseed futures prices for November-month contract rose Rs 17 or 0.74 per cent to Rs 2,322 per quintal, with an open interest of 160 lots.

Current June-month contract also went up by Rs 8 or 0.36 per cent to Rs 2,250 per quintal, with an open interest of 24,570 lots.