Business Standard

Guar gum climbs Rs 206/quintal on export demand,weak rupee


Press Trust of India New Delhi
Guar gum prices bounced by Rs 206 to Rs 9,385 per quintal in futures trade today after investors created huge positions, spurred by strong export demand and rising prices in the spot markets amid the rupee plunging to 71-mark to the dollar.
Marketmen said long positions built up by participants following strong export demand, triggered by weakening rupee against the dollar, lifted guar gum prices notably higher.
Besides, a firm trend at the physical markets due to pause in supplies of guar seed also boosted sentiments, they added.
The rupee today slumped to a lifetime low of 71 mark against the dollar on heavy month-end dollar demand from importers and bank, as well as surging crude oil prices globally.
At the National Commodity and Derivatives Exchange, guar gum for the most-traded, delivered in October shot up by Rs 206 or 2.24 per cent to Rs 9,385 per quintal, having the business turnover of 60,040 open interest lots.
Guar gum for delivery in far-month November also spurted by Rs 203 or 2.19 per cent to Rs 9,466 per quintal, in an open interest of 4,850 lots.

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First Published: Aug 31 2018 | 1:20 PM IST

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