Guar gum futures rebound on short-covering

Guar gum staged a comeback with prices rising by Rs 151 to Rs 9,092 per quintal in futures trade today as participants built up fresh positions at prevailing levels coupled with a firming trend at the physical markets following uptick in export demand.

At the National Commodity and Derivatives Exchange, guar gum for delivery in November contract shot up by Rs 151, or 1.69 per cent, to Rs 9,092 per quintal with an open interest of 480 lots.

Similarly, the most-traded October contract rose by Rs 130, or 1.47 per cent, to Rs 8,985 per quintal clocking an open interest of 56,605 lots.

Marketmen attributed to the rise in guar gum prices at futures market to widening of bets by participants at existing levels, taking firm cues from physical markets, supported by rising export demand.