Guar seed futures move up on positive spot cues

Guar seed prices were higher by Rs 41.50 to Rs 4,221 per quintal in futures trade today as speculators turned active in creating fresh positions on the back of the bullish trend in the physical markets.

At the National Commodity and Derivatives Exchange counter, guar seed for delivery in November month contracts climbed by Rs 41.50 or 0.99 percent to Rs 4,221 per quintal, with an open interest of 8,060 lots.

Likewise, the most-traded, contract for October surged by Rs 32.50 or 0.78 percent to Rs 4,183 per quintal, depicting an open interest of 1,09,070 lots.

According to the marketmen, the rise in guar seed futures prices was mostly due to building up of fresh positions by participants, tracking a firm trend at the spot markets on rising demand from guar gum makers amid a halt in arrivals from producing regions.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)