Positive Sentiment Drives Guar Seed and Gum Prices Higher

Jodhpur, April 23 (Commoditiescontrol): Guar seed and gum prices experienced an uptick on Wednesday, driven by a positive sentiment in the market. The demand for guar gum from overseas markets has remained steady, contributing to the optimistic outlook in the guar sector.

Both guar seed and gum prices saw an increase in both the spot market and futures trading. According to market sources, the average price range for guar seed in auctions was reported to be between Rs 5000 and Rs 5250 per quintal. Additionally, guar seed prices in all paid transactions were quoted at Rs 550 per quintal. In the benchmark market of Jodhpur, guar gum prices were observed at Rs 11,250 per quintal, with arrivals totaling 6500 bags.

On the NCDEX, guar gum futures for May delivery recorded a significant increase of Rs 270 or 2.46%, closing at Rs 11,225 per quintal. The session witnessed a low of Rs 10,910 and a high of Rs 11,300. Similarly, guar seed futures for May delivery settled Rs 96 or 1.75% higher at Rs 5,597 per quintal on the NCDEX. The trading session saw a low of Rs 5,475 and a high of Rs 5,634.

The upward movement in prices reflects the prevailing positive sentiment in the guar market, supported by consistent demand for guar gum from international markets. Market participants remain optimistic about the future trend of guar prices amid sustained demand dynamics.

GuarSeed contract for MAY delivery settled at Rs 5597/quintal showing an rise of Rs 96 over previous close of Rs 5501/quintal,The contract moved in the range of Rs 5475-5634 for the day. Open interest decreased by -1965 MT to 58830 MT, while trading volume increased by 16200 to 29520 MT.

GuarSeed contract for JUN delivery settled at Rs 5677/quintal showing an rise of Rs 88 over previous close of Rs 5589/quintal,The contract moved in the range of Rs 5551-5710 for the day. Open interest increased by 3175 MT to 13770 MT, while trading volume increased by 5205 to 8210 MT.

Currently The spread between MAY and JUN contract is -80 Rs/quintal.

GUARSEED stock in NCDEX accredited warehouse as on 24-Apr-2024, was 31686 MT

GuarGum contract for MAY delivery settled at Rs 11225/quintal showing an rise of Rs 270 over previous close of Rs 10955/quintal,The contract moved in the range of Rs 10910-11300 for the day. Open interest decreased by -3020 MT to 39040 MT, while trading volume increased by 6860 to 13085 MT.

GuarGum contract for JUN delivery settled at Rs 11371/quintal showing an rise of Rs 270 over previous close of Rs 11101/quintal,The contract moved in the range of Rs 11042-11430 for the day. Open interest increased by 4260 MT to 12815 MT, while trading volume increased by 4690 to 6965 MT.

Currently The spread between MAY and JUN contract is -146 Rs/quintal.

GuarGum stock in NCDEX accredited warehouse as on 24-Apr-2024, was 25182 MT

(By Commoditiescontrol Bureau: +91 9820130172)