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Higher Supply, Beairsh Futures Weigh Spot Guarseed

9 Jan 2017 5:15 pm
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MUMBAI (Commoditiescontrol) - Guarseed edged lower on Monday in most spot markets across Rajasthan, Haryana and Gujarat due to higher supply and bearish futures.

Guarseed arrivals in the country today surged to season high at 45,000 bags against 35,000 on previous session (Friday), according to trade sources.

Higher supply in the spot market has prompted sellers to enlarge bearish positions on futures. The benchmark February contract dropped 1.3 percent, or Rs 44 at Rs 3,320/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). Guargum February futures ended 1.6 percent, or Rs 101 at Rs 6,336.

Activity in the spot market has turned bearish today as higher supply has raised doubt about crop size, which earlier was anticipated very poor due to lower sowing and adverse weather condition for the crop.

Market participants will now keep close eyes on supply during the next few weeks and if the supply continued to strengthen then further sell off can't be ruled out.

Guarseed in the recent months has received some supports from lower supply, increase in Guargum exports with depreciation in Indian rupee.

Though exports are good so far in the last quarter, but need more better news from overseas in order to support Guarseed/Guargum.

Guargum exports during April-September (2016-17) rose at 111,496 lakh tonnes against 105,320 lakh tonnes same period a year ago, according to commerce ministry.

The country has shipped around 2 lakh tonnes of Guargum in fiscal year 2015-16 (April-March), but growing optimism about crude oil likely to support Guargum exports during the current fiscal year 2016-17.

Market Arrivals In Bag (100kg) Rates In Rs/100Kg
Bikaner 1100 3200-3235
Ellenabad 600 3225
Kalawali 500 3215
Pilibangan 100 3200
Unn 350 3185-3215
Goluwala 200 3170-3215
Nohar 1600 3210-3225
Hanumangarh 200 3175-3240
Gajsinghpur 500 3180-3235
Abohar 50 3180
Pugal 200 3200
Bhiwani 800 3160
Sahwa 200 3225
Srikaranpur 150 3180
Phalodi 300 3170
Rawla 600 3150-3200
Adampur 2200 3211
Sirsa 800 3235
Badmer 1500 3175-3180
Bajju 300 3200
Khajuwala 1500 3200-3215
Sadulsaher 150 3200-3225
Sumerpur 1100 3100-3200
Jaitsar 200 3160-3200
Vijaynagar 600 3220

(By Commoditiescontrol Bureau; +91-22-40015533)

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