Guargum prices strengthened by Rs 80 to Rs 5,140 per quintal in futures trading today due to increase of buying by participants in tandem with emerging physical as well as overseas markets sentiment.
Marketmen said the hike in prices mainly attributed to aggressive buying by traders on existing levels, supported by emerging physical markets, where prices remained in keen demand due to tight supplies of guarseed from growing regions.
Besides, strong overseas demand from oil drilling industries also helped to boost trading sentiments, they added.
At the National Commodity and Derivatives Exchange counter, guargum prices for first contract of June rose by Rs 80, or 1.58 per cent, to Rs 5,140 per quintal, in an open interest of 29,962 lots.
Second contract of July also advanced by Rs 70, or 1.36 per cent, to Rs 5,210 per quintal, with an open interest of 15,441 lots.
