Guar seed prices experienced a notable increase on Monday, climbing Rs 27 to reach Rs 5,428 per quintal in the futures market. This rise came as speculators expanded their positions, influenced by a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts set for July delivery saw a rise of Rs 27, or 0.50%, pushing prices to Rs 5,428 per quintal. The open interest for these contracts stood at 53,280 lots.

Market analysts attributed this price hike to heightened speculative activities in response to the robust trend observed in the spot market. Additionally, limited supplies from key growing regions further contributed to the upward movement of guar seed prices.

The combination of strong demand in the spot market and constrained supply has fueled speculators’ confidence, leading to increased bets on the future prices of guar seeds.

The guar seed market continues to be closely watched by traders and analysts, as fluctuations in supply and demand dynamics play a significant role in determining price trends.