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Spot Guarseed/Guargum Down On Poor Export Data

14 Sep 2018 4:56 pm
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MUMBAI (Commoditiescontrol) – Guarseed and Guargum traded lower at major markets across Rajasthan on Friday as buyers kept themselves sidelined amid weak futures.

Buyers have opted to wait and watch as export data of guargum published by commerce ministry was not encouraging, which has pressured on prices, said a trader from Sri Ganganagar.

Guargum export during the month of July fell nearly 2% at 22,219 metric tonnes (MT) as against 22,623 MT during the same period a year ago, whereas Apr-July shipment dropped by 15.25% at 101,891 MT versus 120,223 MT last year, according to the commerce ministry.

The export data is lower than market expectations and thus has fuelled selling pressure. However downside likely to be capped by lower carry over stocks estimates followed by production projection at around last year’s level, he noted.

Temporary fall in guarseed and guargum prices can’t be ruled out as new crop will make its way to market by next month, he said.

On derivatives, Guarseed October futures were last traded down 0.9% at Rs 4,273/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). Guargum October contract too fell 0.5% at Rs 9,254.



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

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