Guargum futures recover on short-covering

Guargum prices rebounded by Rs 160 to Rs 9,050 per quintal in futures trading today after speculators covered-up their short positions.

At the National Commodity and Derivatives Exchange counter, guargum prices for most-active April delivery recovered by Rs 160, or 1.80 per cent, to Rs 9,050 per quintal, with an open interest of 9,191 lots.

Also, delivery in March contract was trading Rs 140, or 1.59 per cent higher, at Rs 8,920 per quintal, in an open interest of 8,045 lots.

Traders said besides short covering by participants, tight supplies and pick-up in demand influenced guargum prices at futures trade here.