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Guar Seed and Gum Prices Surge on Improved Demand and Strong Futures

21 Feb 2024 5:57 pm
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Jodhpur, Feb 21 (Commoditiescontrol): Guar seed and gum prices experienced a robust uptrend in the spot market, driven by strong cues from the futures market. Futures contracts for both guar seed and gum extended their gains for the second consecutive session on Wednesday, reflecting improved demand and positive market sentiment.

Market sources reported that the average price range for guar seed in auctions was quoted at Rs 4800-5150 per quintal, with arrivals of around 15,000 bags on the day.

Guar gum prices saw a notable increase of Rs 100 per quintal, while guar seed prices recorded a surge of Rs 50 per quintal in the spot market. Overall, guar seed prices were quoted at Rs 5400 per quintal, while guar gum prices reached Rs 10,700 per quintal in the benchmark market of Jodhpur.

In the futures market, guar gum futures for delivery in March closed Rs 74 higher or 0.71% at Rs 10,530 per quintal on the National Commodity and Derivatives Exchange (NCDEX). The session's low and high were reported at Rs 10,530 and Rs 10,691, respectively.

Meanwhile, guar seed futures for delivery in March settled Rs 13 higher or 0.24% at Rs 5,436 per quintal on the NCDEX, with the session's low and high recorded at Rs 5,430 and Rs 5,500.

The positive momentum in guar seed and gum prices is attributed to improved demand and the overall strength observed in the futures market.

GuarSeed contract for MAR delivery settled at Rs 5436/quintal showing an rise of Rs 13 over previous close of Rs 5423/quintal,The contract moved in the range of Rs 5430-5500 for the day. Open interest decreased by -4875 MT to 73890 MT, while trading volume increased by 8465 to 25830 MT

GuarSeed contract for APR delivery settled at Rs 5492/quintal showing an rise of Rs 6 over previous close of Rs 5486/quintal,The contract moved in the range of Rs 5492-5557 for the day. Open interest increased by 4480 MT to 12870 MT, while trading volume increased by 1660 to 7140 MT.

Currently The spread between MAR and APR contract is -56 Rs/quintal.

GUARSEED stock in NCDEX accredited warehouse as on 21-Feb-2024, was 33607 MT


GuarGum contract for MAR delivery settled at Rs 10530/quintal showing an rise of Rs 74 over previous close of Rs 10456/quintal,The contract moved in the range of Rs 10530-10691 for the day. Open interest decreased by -1430 MT to 44735 MT, while trading volume increased by 1090 to 8430 MT

GuarGum contract for APR delivery settled at Rs 10680/quintal showing an rise of Rs 110 over previous close of Rs 10570/quintal,The contract moved in the range of Rs 10680-10795 for the day. Open interest increased by 2135 MT to 8615 MT, while trading volume increased by 920 to 2960 MT

Currently The spread between MAR and APR contract is -150 Rs/quintal.

GuarGum stock in NCDEX accredited warehouse as on 21-Feb-2024, was 29703 MT



(By Commoditiescontrol Bureau: +91 9820130172)


       
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