Guar gum futures spurt over Rs 200 per quintal

Guar gum prices bounced by Rs 202 to Rs 9,498 per quintal in futures trade today on heavy accumulation of holdings by traders in anticipation of firm physical markets amid a boost in export demand.

Marketmen said immense purchases by the traders on the back of rising prices at the spot markets due to thin supplies of guar seed from growing regions, coupled with a hefty rise in export demand for oil drilling industries, drove the uptrend in the guar gum prices.

At the National Commodity and Derivatives Exchange counter, guar gum delivery for November jumped by Rs 202 or 2.17 per cent to Rs 9,498 per quintal, clocking an open interest of 2,080 lots.

In a similar way, the delivery of the most active October contract climbed up by Rs 194 or 2.10 per cent to Rs 4,914 per quintal, depicting an open interest of 60,975 lots.