Guargum up 1.8% on firm spot demand

Marketmen said fresh positions built up by speculators, driven by rising demand at domestic spot market, influenced the prices

Guargum prices rose by Rs 160 to Rs 9,160 per quintal in futures trading today after speculators enlarged positions amid a firming trend at spot markets.

At the National Commodity and Derivatives Exchange, guargum for March contracts gained Rs 160, or 1.78%, to Rs 9,160 per quintal, clocking an open interest of 15,402 lots.

Similarly, current month contracts edged up by Rs 150, or 1.68%, at Rs 9,060 per quintal, having an open interest of 436 lots.

Marketmen said fresh positions built up by speculators, driven by rising demand at domestic spot market, influenced guargum prices.

Besides, export demand and tight supplies from growing regions supported the upside, they added.