Guar Gum Prices Surge Amidst Strong Market Demand

Guar gum prices escalated by Rs 23 to Rs 10,657 per quintal on Wednesday in the futures market as speculators increased their holdings due to a firm spot demand. The National Commodity and Derivatives Exchange reported a 0.22% rise for November delivery, driven by traders' heightened interest following a solid physical market trend.

Guar gum prices saw a notable increase on Wednesday, climbing by Rs 23 to reach Rs 10,657 per quintal in the futures market. This upward movement was attributed to speculators bolstering their holdings, spurred by robust spot demand.

The National Commodity and Derivatives Exchange revealed that guar gum for November delivery experienced a 0.22% increase, translating to Rs 10,657 per quintal across 34,515 lots.

According to analysts, the price surge was driven by traders reacting to a strong trend in the physical market, resulting in expanded market engagement and increased bets on guar gum.

(With inputs from agencies.)