New Delhi, February 28: Guar gum prices edged up marginally by Rs 6, closing at Rs 9,998 per quintal on Friday in the futures market. The price hike was driven by increased speculative activity amid strong demand in the spot market.
According to data from the National Commodity and Derivatives Exchange (NCDEX), guar gum contracts set for delivery in March traded 0.06% higher, at Rs 9,998 per quintal, supported by an open interest of 33,955 lots.
Market analysts attributed this slight uptick in prices to traders expanding their holdings, influenced primarily by robust buying sentiment in physical markets. The firm trend observed in the spot market encouraged traders to enhance their speculative positions, reflecting optimism about sustained demand.
Guar gum, an essential ingredient used in industries such as food processing, pharmaceuticals, and oil exploration, typically sees price fluctuations aligned closely with spot market sentiments and speculative trading activities.
The current bullish trend highlights a positive short-term outlook for guar gum futures, provided the spot market continues to witness steady demand.
