Guar gum futures advance on export demand; weak rupee

Guar gum prices advanced by Rs 93 to Rs 9,191 per quintal in futures trade today as operators expanded holdings, tracking upbeat physical leads on the back of strong export demand amid the rupee hitting a record low against the US dollar.

Marketmen said a significant rise in export demand from oil drilling industries amid pause in supplies of guar seed at the spot markets from growing belts, influenced guar gum prices at futures trade here.

The rupee has plunged to a fresh record low of 70.82 against the dollar in day trade.

At the National Commodity and Derivatives Exchange, guar gum delivery for November rose by Rs 93 or 1.02 per cent to Rs 9,191 per quintal, with an open interest of 4,420 lots.

Likewise, the most-traded delivery in October contracts moved up by Rs 92 or 1.02 per cent to Rs 9,110 per quintal, having a business turnover in 60,410 open interest lots.