NCDEX bars traders from taking new January guar positions

India8217;s National Commodity and Derivatives Exchange NCDEX said it has barred traders from taking fresh positions in January guar gum and seed contracts,which is due to expire on Jan. 20,from Tuesday,and only squaring off of existing positions can take place.

The exchange has also raised the long side special cash margins to 60 per cent from the earlier 40 per cent,effective Jan. 18,it said in a statement late on Monday.

On Jan. 11,the NCDEX had also reduced the open interest limits for members and clients in guar gum and seed contracts,effective Jan. 21.

A series of measures taken by the regulator and the exchanges have not been successful in breaking the defiant rally of the commodity,which has more than doubled since late November.