Guar gum futures rise 0.92% on firm spot cues

Guar gum prices went up by 0.92 percent to Rs 9,030 per quintal in futures trade today as investors created holdings at existing levels, spurred by a firming trend at the physical markets amid pick up in export demand.

Marketmen said building up of positions by participants, supported by rising prices in the spot markets, largely influenced guar gum prices in futures trade.

Besides, increased export demand for oil drilling industries due to the depreciating value of the rupee against the US dollar also gave a push to rising guar gum futures prices, they added.

At the National Commodity and Derivatives Exchange, guar gum to be delivered in November spurted by Rs 82, or 0.92 per cent, to Rs 9,030 per quintal with an open interest of 3,825 lots.

Guar gum for delivery in October too gained Rs 70, or 0.79 percent, to Rs 8,940 per quintal revealing a business turnover in 61,835 open interest lots.

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