Jodhpur, May 2 (CommoditiesControl): Guar seed and gum prices experienced further declines on Thursday amid prevailing negative sentiment in the market. Market analysts attribute this downturn to the impact of bearish crude oil prices, which have the potential to affect export demand for guar gum, consequently exerting pressure on prices of both guar seed and gum.
Traders anticipate that demand for guar gum will remain resilient in the upcoming month, which could bolster sentiment. However, stockists are actively seeking to liquidate their stocks at higher rates, indicating cautious market behavior.
Market sources report that the average price range for guar seed in auctions was quoted at Rs 5000-5200 per quintal. In the benchmark market of Jodhpur, guar seed prices were noted at Rs 5400 per quintal. Guar gum prices were reported at Rs 11,000 per quintal, with arrivals totaling 7000 bags.
On the NCDEX, guar gum futures for delivery in May concluded Rs 163 or 1.48% lower at Rs 10,875 per quintal. The session's low and high were recorded at Rs 10,812 and Rs 10,984 respectively.
Similarly, guar seed futures for delivery in May settled Rs 85 or 1.54% down at Rs 5,427 per quintal on the NCDEX. The session's low and high were registered at Rs 5,407 and Rs 5,501 respectively.
GuarSeed contract for MAY delivery settled at Rs 5427/quintal showing an fall of Rs -85 over previous close of Rs 5512/quintal,The contract moved in the range of Rs 5407-5501 for the day. Open interest decreased by -4410 MT to 41835 MT, while trading volume decreased by -495 to 15430 MT.
GuarSeed contract for JUN delivery settled at Rs 5505/quintal showing an fall of Rs -89 over previous close of Rs 5594/quintal,The contract moved in the range of Rs 5485-5570 for the day. Open interest increased by 4370 MT to 30525 MT, while trading volume increased by 4040 to 13365 MT.
Currently The spread between MAY and JUN contract is -78 Rs/quintal.
GuarGum contract for MAY delivery settled at Rs 10875/quintal showing an fall of Rs -163 over previous close of Rs 11038/quintal,The contract moved in the range of Rs 10812-10984 for the day. Open interest decreased by -2810 MT to 25465 MT, while trading volume increased by 305 to 6965 MT.
GuarGum contract for JUN delivery settled at Rs 10991/quintal showing an fall of Rs -197 over previous close of Rs 11188/quintal,The contract moved in the range of Rs 10960-11135 for the day. Open interest increased by 1555 MT to 25730 MT, while trading volume increased by 565 to 6680 MT.
Currently The spread between MAY and JUN contract is -116 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 30-Apr-2024, was 25042 MT.
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