Guarseed futures recovers on short covering

Guarseed prices gained by Rs 75 to Rs 3,980 per quintal in futures trade today as traders indulged in covering-up of short positions. Market analysts said low level buying by traders along with short supply pushed up the guarseed futures prices. 

Rising demand from exporters and guar-gum making industries also pushed up the trading sentiment, they added.

At the National Commodity and Derivatives Exchange, guarseed for January delivery shot up by Rs 75, or 1.92%, to Rs 3,980 per quintal, with an open interest of 310 lots.

For August delivery, the prices jumped up by Rs 52, or 1.21%, to Rs 4,341 per quintal, with an open interest of 52,940 lots. Similarly, gaurseed for September delivery improved by Rs 51, or 1.18%, to Rs 4,364 per quintal, with an open interest of 1,25,600 lots.