Guar gum prices shot up by Rs 108 to Rs 9,643 per quintal in futures trade today as traders enhanced bets, driven by firm physical markets on strong export demand amid lingering rupee against dollar.
Marketmen said the upsurge in guar gum futures to higher trend in the physical markets on the back of a boost in export demand for oil drilling industries due to fall in rupee value against the dollar.
The rupee depreciated to trade above at 70.75 marks in the forex market.
The hike in crude oil prices, too, gave a push to the guar gum futures prices, they quoted.
At the National Commodity and Derivative Exchange, guar gum for October climbed up by Rs 108, or 1.13 per cent, to Rs 9,643 per quintal with the business turnover in 60,125 open interest lots.
Likewise, the delivery for November jumped up by Rs 99, or 1.03 per cent, to Rs 9,725 per quintal having an open interest of 5,305 lots.
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