Guarseed futures surge on brisk buying support

Guarseed futures prices shot up by Rs 48 to Rs 2,640 per quintal today, following heavy buying by traders, in tandem with firm spot market sentiments. 

At the National Commodity and Derivatives Exchange counter, guarseed prices for delivery in May shot up by Rs 48, or 1.85 per cent to Rs 2,640 per quintal, with an open interest of 180 lots.

Most active December month's delivery also advanced by Rs 35 or 1.42 per cent to Rs 2,493 per quintal, clocking an open interest of 1,38,150 lots.  

Analysts said brisk buying by stockist and gum making industries couped with restricted supply in physical markets, encouraged traders to raise their holdings.