Cotton and guar gum futures gained on the Multi Commodity Exchange (MCX) and the National Commodities and Derivatives Exchange (NCDEX), respectively, in the initial hour of trading on Friday morning.
On MCX, the December cotton futures were trading at ₹32,260 on Friday morning as against the previous close of ₹32,030, up by 0.72 per cent. According to market participants, export demand, slow arrivals and production concerns are leading an increase in the price.
There were also reports of crop damage in Andhra Pradesh due to rainfall in November. They also felt that the demand from the mills in the country is likely to go up in the coming weeks due to limited quantities with them.
On NCDEX, the January guar gum futures were trading at ₹11,581 in the initial hour of Friday morning as against the previous close of ₹11358, up by 1.96 per cent. Reports noted that there was export demand for guar gum.