Guar gum futures rise on short covering

Guar gum prices recovered by Rs 36 to Rs 6,702 per quintal in futures trading today after speculators covered up their short positions at prevailing levels coupled with a firm trend at the spot markets.
Besides, positive overseas cues supported the upside.
Marketmen said besides short-covering by speculators, pick-up in demand in the spot markets backed up by rising export demand, mainly led to the rise in guar gum prices in futures trading.
At the National Commodity and Derivatives Exchange, guar gum for delivery in July was trading higher by Rs 36, or 0.54 per cent, to Rs 6,702 per quintal, with an open interest of 2,600 lots.

Guar gum for delivery in October too recovered by Rs 30, or 0.43 per cent, to Rs 6,955 per quintal, in an open interest of 43,355 lots.