Guargum futures up by Rs 120 per quintal on spot demand

Guargum prices climbed Rs 120 to Rs 5,620 per quintal in futures trading today after speculators enlarged their positions, supported by strong sentiments at the spot markets.

At the National Commodity and Derivatives Exchange, guargum for delivery in March contracts spurted by Rs 120 or 2.18 per cent to Rs 5,620 per quintal, with an open interest of 1,115 lots.

Most active near contract April delivery climbed up by Rs 100 or 1.79 per cent at Rs 5,690 per quintal, with an open interest of 27,085 lots.

Marketmen attributed the rise in guargum prices in futures trading to widening of positions, tracking a firm trend at the spot markets.
 

Besides, pick up in export demand also influenced trading sentiments, they added.