Jodhpur, May 13 (Commoditiescontrol): Guar seed and gum prices surged on Monday amidst increased demand, with processors and stockists showing keen interest in bolstering their stock positions. Anticipating further price appreciation in the coming months, market participants are actively increasing their holdings in guar seed.
Market analysts attribute this bullish sentiment to recent weather forecasts for South Asia, which have raised expectations of favorable rainfall. Such conditions are anticipated to benefit farmers in cultivating various crops like gram, bajra, moth, among others, potentially leading to a reduction in the area under guar seed cultivation.
In auction markets, the average price range for guar seed was reported at Rs 5000-5250 per quintal. Additionally, guar seed prices in all paid markets saw an uptick, reaching Rs 5450 per quintal. Guar gum prices followed suit, quoting at Rs 10,850 per quintal in the benchmark market of Jodhpur, with arrivals recorded at 6800 bags.
On the futures front, guar gum futures for delivery in May ended marginally higher, up Rs 18 or 0.17% at Rs 10,570 per quintal on the NCDEX. The session witnessed a low of Rs 10,555 and a high of Rs 10,723.
Similarly, guar seed futures for delivery in May recorded a significant uptick, settling Rs 90 or 1.68% higher at Rs 5,455 per quintal on the NCDEX. The session's low and high were observed at Rs 5,377 and Rs 5,475, respectively.
The robust demand and positive market sentiment reflect optimism regarding future price movements in the guar seed and gum markets, driven by both domestic and international factors.
GuarSeed contract for MAY delivery settled at Rs 5455/quintal showing an rise of Rs 90 over previous close of Rs 5365/quintal,The contract moved in the range of Rs 5377-5475 for the day. Open interest decreased by -17615 MT to 1145 MT, while trading volume increased by 1085 to 12015 MT.
GuarSeed contract for JUN delivery settled at Rs 5482/quintal showing an rise of Rs 47 over previous close of Rs 5435/quintal,The contract moved in the range of Rs 5431-5510 for the day. Open interest increased by 12025 MT to 59905 MT, while trading volume increased by 5090 to 23715 MT.
Currently The spread between MAY and JUN contract is -27 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 13-May-2024, was 24640 MT
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GuarGum contract for MAY delivery settled at Rs 10570/quintal showing an rise of Rs 18 over previous close of Rs 10552/quintal,The contract moved in the range of Rs 10555-10723 for the day. Open interest decreased by -9815 MT to 1555 MT, while trading volume increased by 660 to 7170 MT.
GuarGum contract for JUN delivery settled at Rs 10743/quintal showing an rise of Rs 34 over previous close of Rs 10709/quintal,The contract moved in the range of Rs 10730-10846 for the day. Open interest increased by 8805 MT to 47925 MT, while trading volume increased by 735 to 11285 MT.
Currently The spread between MAY and JUN contract is -173 Rs/quintal
GuarGum stock in NCDEX accredited warehouse as on 13-May-2024, was 24345 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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