Guar gum futures recover on export demand, weak rupee

Guar gum prices recovered Rs 35 to Rs 9,560 per quintal in futures trade as speculators accumulated huge positions on the back of pick-up in exports demand following depreciating rupee.

Marketmen said participants indulged in accumulating positions due to strong export demand in the spot markets following weakness in the rupee mainly led to the rise in guar gum futures.

The weak rupee is seen as a positive indication for the exporters, as their revenues comes in dollar.

At the National Commodity and Derivatives Exchange, guar gum for October was trading higher by Rs 35, or 0.37 per cent, to Rs 9,560 per quintal, with an open interest of 59,655 lots.

Guar gurm for November edged up by Rs 14, or 0.15 per cent, to Rs 9,650 per quintal having an open interest of 6,190 lots.