Guarseed to consolidate

COMMODITY SPIKES

After the continuous fall in guarseed futures in the last three weeks, the commodity showed signs of strengthening last week. The contract for June delivery was bullish and rose up to Rs 1,800 a quintal from Rs 1,778 a quintal.

According to commodity analysts, it is a reasonable level and market should stabilise at these rates. "We see guarseed consolidating between Rs 1,750 and Rs 1,850 a quintal in the next week," they said.

Sources said new orders were expected. Market reports suggest that the spot prices saw some steady sentiments on account of increase in millers' demand. The spot prices in Bikaner was reported to be around Rs 1,760 a quintal.