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Guar seed, gum continue to trade lower on sluggish buying at higher rates

21 Sep 2021 6:57 pm
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Jodhpur, September 20 (Commoditiescontrol) - Sluggish demand for guar seed and gum at higher rates pounded business sentiments on Monday. Tracking weakness in spot market, guar seed and gum futures also extended falls for the second consecutive session today. As per the trade analysts, recent rains in major guar producing regions will benefit the crops which is also one of the reasons for bearish buying of guar seed and gum.

Guar seed prices were Rs 200 down at Rs 5,700 per quintal at Jodhpur, a benchmark market in Rajasthan. Guar gum was priced at Rs 9,500 per quintal, down Rs 400 from last trading session.

At National Commodity and Derivatives Exchange (NCDEX), guar gum contract expiring on September 20, ended at Rs 9,370 per quintal, Rs 357 or 3.67 percent down from the last session.

Guar gum for delivery in October closed Rs 190 or 1.96 percent down at Rs 9,510 per quintal while the front month contract opened at Rs 9,600 and dropped to Rs 9,213 per quintal during the session.

Guar seed for delivery in October ended Rs 146 or 2.46 percent down at Rs 5,779 per quintal while lower and upper levels of the sessions remained Rs 5,651 and Rs 5,882 respectively.

Sushil Sharma, a trade analyst said that buyers were seen reluctant to raise their stock position at higher prices as guar seed and gum witnessed a sharp rally in the recent past.

As per the trade analysts, guar gum has attracted good export demand and it remains nearly 24,000-25,000 per month. As per the market sources, gum is more in demand as compared to seed due to price disparity which is around Rs 200 per quintal presently.

As per the India Meteorological Department, the actual rainfall in East Rajasthan during June 1 to September 20 is 9 percent higher than normal while West Rajasthan received normal rains during this period.

(By Commoditiescontrol Bureau)


       
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