Jodhpur, March 11 (Commoditiescontrol): Guar seed and gum prices witnessed a significant upswing in the physical market on Monday, driven by improved buying sentiment and lower arrivals. According to trade sources, a firmer tone in the futures market further bolstered the positive sentiment, with good export demand noted for guar gum.
In the auctions, the average price range for guar seed was reported at Rs 4700-4950 per quintal, reflecting the robust buying interest. The arrivals of guar seed stood at approximately 9,000 bags on the day.
In the open market, guar seed prices were quoted at Rs 5220 per quintal. Meanwhile, the benchmark market of Jodhpur recorded guar gum prices at Rs 10,300 per quintal.
On the National Commodity and Derivatives Exchange (NCDEX), guar gum futures for March delivery closed Rs 169 or 1.68% higher at Rs 10,200 per quintal. The session's low and high were recorded at Rs 10,098 and Rs 10,250, respectively.
Similarly, guar seed futures for March delivery settled Rs 58 or 1.12% higher at Rs 5,224 per quintal on the NCDEX, with the session's low and high at Rs 5,187 and Rs 5,260, respectively.
The surge in prices is attributed to a combination of increased buying activity, a positive market sentiment supported by firmer futures, and a decline in arrivals. The notable export demand for guar gum is also contributing to the overall bullish trend in the guar market.
GuarSeed contract for MAR delivery settled at Rs 5224/quintal showing an rise of Rs 58 over previous close of Rs 5166/quintal,The contract moved in the range of Rs 5187-5260 for the day. Open interest decreased by -7045 MT to 17375 MT, while trading volume increased by 1330 to 13645 MT.
GuarSeed contract for APR delivery settled at Rs 5290/quintal showing an rise of Rs 65 over previous close of Rs 5225/quintal,The contract moved in the range of Rs 5235-5323 for the day. Open interest increased by 7390 MT to 66090 MT, while trading volume increased by 4475 to 27385 MT.
Currently The spread between MAR and APR contract is -66 Rs/quintal
GUARSEED stock in NCDEX accredited warehouse as on 11-Mar-2024, was 36467 MT
GuarGum contract for MAR delivery settled at Rs 10200/quintal showing an rise of Rs 169 over previous close of Rs 10031/quintal,The contract moved in the range of Rs 10098-10250 for the day. Open interest decreased by -5170 MT to 10165 MT, while trading volume increased by 1480 to 7360 MT.
GuarGum contract for APR delivery settled at Rs 10302/quintal showing an rise of Rs 169 over previous close of Rs 10133/quintal,The contract moved in the range of Rs 10200-10356 for the day. Open interest increased by 3815 MT to 41475 MT, while trading volume increased by 3080 to 11965 MT.
Currently The spread between MAR and APR contract is -102 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 11-Mar-2024, was 27655 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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