Jodhpur, May 23 (Commoditiescontrol): Guar seed and gum prices remained largely stable in the physical market on Thursday, while futures experienced a decline due to profit-booking activities. According to traders, consistent demand for guar seed from processors, driven by strong overseas demand for guar gum, is maintaining market stability.
The current financial year, which commenced on April 1, 2024, has seen a notable increase in guar gum shipments. India, recognized as the largest producer of guar seed and the top exporter of guar gum globally, continues to leverage this advantage.
Market sources reported that the average auction price range for guar seed was quoted between Rs 5000 and Rs 5275 per quintal. Meanwhile, in the spot market, guar seed prices were quoted at Rs 5500 per quintal. Guar gum prices held steady at Rs 10,900 per quintal in Jodhpur, the benchmark market. The arrivals totaled 7200 bags.
On the futures front, guar gum for June delivery dropped by Rs 81, or 0.74%, settling at Rs 10,833 per quintal on the NCDEX. During the session, prices fluctuated between a low of Rs 10,816 and a high of Rs 10,983.
Similarly, guar seed futures for June delivery decreased by Rs 29, or 0.52%, closing at Rs 5,501 per quintal on the NCDEX. The session saw prices ranging from a low of Rs 5,486 to a high of Rs 5,570.
The stability in the spot market alongside the decline in futures suggests a phase of market correction, with traders engaging in profit-booking after recent gains. The robust demand outlook, particularly from international markets, continues to underpin the overall strength of the guar sector.
GuarSeed contract for JUN delivery settled at Rs 5501/quintal showing an fall of Rs -29 over previous close of Rs 5530/quintal,The contract moved in the range of Rs 5486-5570 for the day. Open interest decreased by -2900 MT to 50850 MT, while trading volume decreased by -4400 to 17445 MT.
GuarSeed contract for JUL delivery settled at Rs 5571/quintal showing an fall of Rs -31 over previous close of Rs 5602/quintal,The contract moved in the range of Rs 5551-5636 for the day. Open interest increased by 1960 MT to 10890 MT, while trading volume decreased by -2965 to 4570 MT.
Currently The spread between JUN and JUL contract is -70 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 20-May-2024, was 24048 MT
GuarGum contract for JUN delivery settled at Rs 10833/quintal showing an fall of Rs -81 over previous close of Rs 10914/quintal,The contract moved in the range of Rs 10816-10983 for the day. Open interest decreased by -1730 MT to 41915 MT, while trading volume decreased by -5595 to 6535 MT.
GuarGum contract for JUL delivery settled at Rs 10975/quintal showing an fall of Rs -77 over previous close of Rs 11052/quintal,The contract moved in the range of Rs 10950-11120 for the day. Open interest increased by 1590 MT to 8795 MT, while trading volume decreased by -3525 to 2755 MT.
Currently The spread between JUN and JUL contract is -142 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 20-May-2024, was 24093 MT
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