New Delhi: Guar gum prices witnessed a notable increase in futures trading on the National Commodity and Derivatives Exchange (NCDEX) today. The price for July delivery contracts rose by Rs 37, or 0.36%, to reach Rs 10,251 per five quintals, driven by robust demand in the spot market.
Trading activity reflected a strong sentiment as open interest for these contracts climbed to 27,265 lots. Market analysts attributed this rise to heightened speculative buying, spurred by a sustained uptrend in the physical market.
"Traders have been increasing their bets significantly, responding to the strong demand for guar gum in the spot market," an analyst noted. "The upward trend in prices is likely to continue if the demand remains robust."
Guar gum, a key ingredient in various industries including food, pharmaceuticals, and oil drilling, has seen fluctuating prices in recent months. Today's increase underscores the commodity's volatility and the influence of market dynamics on futures trading.
As the market moves forward, traders and investors will be closely monitoring spot demand and supply chain factors to gauge future price movements of guar gum.
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