Futures contracts of guar gum rose more than 3% on the NCDEX because of high export demand from the US and concerns over crop damage in major producing states of Gujarat and Rajasthan. Exports of guar gum, which is as a used as a fracking agent in oil exploration in the US, almost doubled to 145,775 tn in Apr-Jun this financial year, as against 77,174 tn a year ago. Poor rainfall in Gujarat and Rajasthan during the last few days has raised concerns of large scale crop damage. In the week ended Wednesday, while Rajasthan received 51% below normal rainfall, Gujarat recorded 93% below normal rains, the India Meteorological Department said in an update. Western Rajasthan districts such as Bikaner, Barmer, Jaisalmer, and Jodhpur account for more than 80% of guar acreage in Rajasthan.
Source : Newswire
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