Jodhpur, Jan 29 (Commoditiescontrol): Guar seed and gum prices experienced a significant drop in the spot market on Monday, influenced by bearish futures and subdued demand. Buyers showed reluctance in making purchases as they anticipated further declines in prices.
The overall demand for guar gum and seed was reported to be low, contributing to the market's bearish sentiment. Additionally, guar seed arrivals increased compared to the previous session.
In auctions, the average price range for guar seed was quoted at Rs 4600-5080 per quintal, with arrivals reaching around 18,000 bags on the day. In the all-paid category, guar seed prices were quoted at Rs 5250 per quintal. Meanwhile, guar gum prices in the benchmark market of Jodhpur were recorded at Rs 10,400 per quintal. Prices for guar seed witnessed a decline of Rs 100 per quintal in all-paid, while guar gum prices dropped by Rs 400 per quintal.
On the futures market, guar gum futures for delivery in Feb recorded a decline of Rs 553 or 5.24%, closing at Rs 10,003 per quintal on the NCDEX. The session's low and high were Rs 9,992 and Rs 10,525, respectively. Similarly, guar seed futures for delivery in Feb witnessed a decline of Rs 171 or 3.14%, closing at Rs 5,283 per quintal on the NCDEX. The session's low and high were Rs 5,272 and Rs 5,439, respectively.
The sharp decline in guar seed and gum prices can be attributed to poor buying interest and the prevailing bearish trend in the futures market.
GuarSeed contract for FEB delivery settled at Rs 5283/quintal showing an fall of Rs -171 over previous close of Rs 5454/quintal,The contract moved in the range of Rs 5272-5439 for the day. Open interest decreased by -6560 MT to 58815 MT, while trading volume increased by 17340 to 30490 MT.
GuarSeed contract for MAR delivery settled at Rs 5335/quintal showing an fall of Rs -177 over previous close of Rs 5512/quintal,The contract moved in the range of Rs 5322-5496 for the day. Open interest increased by 4985 MT to 30585 MT, while trading volume increased by 8690 to 13830 MT.
Currently The spread between FEB and MAR contract is -52 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 29-Jan-2024, was 32061 MT
GuarGum contract for FEB delivery settled at Rs 10003/quintal showing an fall of Rs -553 over previous close of Rs 10556/quintal,The contract moved in the range of Rs 9992-10525 for the day. Open interest decreased by -5425 MT to 38290 MT, while trading volume increased by 6755 to 14615 MT.
GuarGum contract for MAR delivery settled at Rs 10155/quintal showing an fall of Rs -548 over previous close of Rs 10703/quintal,The contract moved in the range of Rs 10100-10655 for the day. Open interest increased by 5340 MT to 19615 MT, while trading volume increased by 5050 to 9520 MT.
Currently The spread between FEB and MAR contract is -152 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 29-Jan-2024, was 32871 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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