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Spot Guarseed/Guargum Recovers On Weakening Of Monsoon Progress

13 Jun 2018 5:25 pm
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MUMBAI (Commoditiescontrol) – Spot Guarseed and Guargum recorded decent gains on Wednesday due to increased demand, tracking strong futures and delay in monsoon's progress.



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The main reason behind the rise in Guarseed and Guargum prices is expectations of delay in monsoon's progress.

The weather department in a release has said, “No Further Advance Likely During Next One Week Due To Weakening Of Monsoon Flow Except Over Eastern Parts Of India.”

Although there are no worries about crop as sowing usually carried out from June-end, said a trader from Jodhpur.

The weakness of monsoon's progress report by IMD has provided temporary push and any sharp rise is unlikely, he noted.

Some stockists were active to procure Guarseed with assumption that they can get attractive returns in case of more delay in monsoon, he added.

On futures, Guarseed July contract closed 1.57%, or Rs 57 higher to Rs 3,697/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). Guargum July futures rose by 1.5%, or Rs 113 to Rs 7,660.

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

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