Guar gum prices soared Rs 126 to Rs 8,920 per quintal in futures trading today as operators indulged in widening positions amid expectations of strong domestic as well as global demand.
Market players attributed rise in guar gum prices in futures market to raising of bets by participants, hoping pick up in domestic and overseas demand.
Besides, restricted supplies of guar seed from growing regions at the spot markets too supported the upside in guar gum prices, they said.
At the National Commodity and Derivative Exchange, guar gum for most-active delivery in January next year spurted by Rs 127 or 1.43 per cent to Rs 8,920 per quintal, with an open interest of 53,310 lots.
Also, the contracts for delivery this month was trading higher by Rs 120 or 1.38 per cent to Rs 8,790 per quintal, having an open interest in 25,775 lots.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)