Guarseed futures recover on short covering

Guarseed prices recovered by Rs 46, or 2.20 per cent, to Rs 2,138 per quintal in futures trade today as speculators covered their pending positions, driven by a weak trend in spot markets.

Guarseed prices continued to decline in the last 4-5 sessions as speculators were selling stocks.

At the National Commodity and Derivatives Exchange counter, guarseed prices for October-month contract recovered by Rs 46, or 2.20 per cent, to Rs 2,138 per quintal, with an open interest of 1,48,260 lots.

Current-month September contract also remained in keen demand and shot up by Rs.43, or 2.08 per cent, to Rs 2,111 per quintal, with an open interest of 1,24,830 lots.