Mumbai - Guar seed futures extended gains of the last weekend while guar gum recovered sharply amid fresh speculative buying during initial hours of trade on the National Commodity and Derivatives Exchange (NCDEX) Monday. Stronger spot prices of guar are providing the needed support to the futures.On Saturday, guar continued to trade higher at the spot markets. Around 5,000 bags of guar seed arrived at different markets across the country today.

Demat stock of guar seed at NCDEX-monitored warehouse as of Feb 22 was 59,475 tonnes, while 1739 tonnes were in process. The demat stocks of guar gum were at 6,305 tonnes while 20 tonnes were in process. The MCX-monitored warehouses were stacking up 60 tonnes of guar seed as on Feb 22.

At 10.29 am IST, NCDEX March guar seed contract soared Rs 26 to trade at Rs 1,882/quintal with a volume of 7,160 tonnes. Benchmark April guar seed contract gained Rs 31 to trade at Rs 1,942/quintal with a volume of 36,880 tonnes.

At 10.25 am IST, NCDEX March guar gum contract jumped Rs 46 to trade at Rs 4,485/quintal with a volume of 40 tonnes. Benchmark April guar gum contract rose Rs 50 to trade at Rs 4,585/quintal with a volume of 80 lots.