Riding on the back strong demand in the domestic spot as well as overseas markets, guar gum prices soared Rs 85 to Rs 6,874 per quintal in the futures trading today as participants widened their positions.
In futures trading at the National Commodity and Derivative Exchange, guar gum for delivery this month contracts was trading higher by Rs 85 or 1.25 per cent to Rs 6,874 per quintal, open interest stood at 590 lots.
Guar gum for most-traded October month delivery contracts increased by Rs 74 or 1.06 per cent to Rs 7,070 per quintal, in an open interest of 42,240 lots.
Marketmen attributed the rise in guar gum prices at futures trade to raising of bets by participants, driven by strong demand at the domestic spot markets amid encouraging global cues.
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