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Guar Seed and Gum Prices Witness Further Decline Amid Weak Demand

23 Feb 2024 6:04 pm
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Jodhpur, Feb 23 (Commoditiescontrol): Guar seed and gum prices continued their downward trends on Friday, attributed to a prevailing weak demand in the market. Both physical and futures markets experienced a decline, with lackluster buying activities and profit-booking contributing to the extended fall.

The average price range for guar seed in recent auctions was reported to be Rs 4700-5100 per quintal, indicating a decline. The arrivals of guar seed reached around 13,000 bags on the day.

Guar seed prices recorded a decrease of Rs 50 per quintal, while gum prices exhibited a more significant drop, declining nearly Rs 200 per quintal. Consequently, guar seed prices were quoted at Rs 5350 per quintal, and guar gum prices stood at Rs 10,500 per quintal in the benchmark market of Jodhpur.

Guar gum futures for delivery in March concluded Rs 83 lower at Rs 10,384 per quintal on the NCDEX. The session's range fluctuated between Rs 10,362 and Rs 10,519.

Guar seed futures for delivery in March settled Rs 62 down at Rs 5,350 per quintal on the NCDEX, with the session's low and high recorded at Rs 5,330 and Rs 5,420, respectively.

Market sources attribute the persistent decline in prices to weak demand and the ongoing profit-booking activities.

GuarSeed contract for MAR delivery settled at Rs 5350/quintal showing an fall of Rs -62 over previous close of Rs 5412/quintal,The contract moved in the range of Rs 5330-5420 for the day. Open interest decreased by -4565 MT to 69325 MT, while trading volume increased by 2025 to 15615 MT.

GuarSeed contract for APR delivery settled at Rs 5436/quintal showing an fall of Rs -34 over previous close of Rs 5470/quintal,The contract moved in the range of Rs 5402-5474 for the day. Open interest increased by 4760 MT to 17630 MT, while trading volume was simillar by 0 to 4075 MT

Currently The spread between MAR and APR contract is -86 Rs/quintal.

GUARSEED stock in NCDEX accredited warehouse as on 23-Feb-2024, was 33949 MT



GuarGum contract for MAR delivery settled at Rs 10384/quintal showing an fall of Rs -83 over previous close of Rs 10467/quintal,The contract moved in the range of Rs 10362-10519 for the day. Open interest decreased by -3260 MT to 41475 MT, while trading volume increased by 615 to 6040 MT.

GuarGum contract for APR delivery settled at Rs 10516/quintal showing an fall of Rs -94 over previous close of Rs 10610/quintal,The contract moved in the range of Rs 10500-10653 for the day. Open interest increased by 3790 MT to 12405 MT, while trading volume increased by 875 to 3300 MT.

Currently The spread between MAR and APR contract is -132 Rs/quintal.

GuarGum stock in NCDEX accredited warehouse as on 23-Feb-2024, was 29592 MT



(By Commoditiescontrol Bureau: +91 9820130172)


       
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