Guargum prices flared up by Rs 520 to Rs 12,790 per quintal in futures trading today after speculators created huge positions, triggered by unseasonal rains and hailstorms in growing regions.
Furthermore, forecast of a below normal monsoon too supported the upside in prices.
At the National Commodity and Derivatives Exchange, guargum prices for delivery in May month contracts climbed by Rs 520 or 4.24 per cent to Rs 12,790 per quintal, in an open interest of 9,442 lots.
Most active near contract June month delivery too spurted by same margins of Rs 520 or 4.17 per cent to Rs 13,000 per quintal, with an open interest of 10,085 lots.
Marketmen attributed rise in guargum prices to unseasonal rains in growing regions coupled with forecast of lower monsoon this season, weighed on guargum oprices.
They said a firming trend at domestic and overseas markets too influenced prices.
