Guar Seed and Gum Prices Dip in Spot Market Amid Weak Futures

Jodhpur, May 8 (Commoditiescontrol): Guar seed and gum prices experienced a slight dip in the spot market on Wednesday, tracking the weakness observed in the futures market. However, despite this downturn, demand for guar gum remains steady from overseas markets. Traders express confidence that guar seed and gum prices are unlikely to sustain downward momentum in the near term.

According to market sources, the average price range for guar seed in auctions was quoted at Rs 5000-5225 per quintal. Additionally, guar seed prices were also reported at Rs 5410 per quintal in all paid transactions.

In the benchmark market of Jodhpur, guar gum prices were quoted at Rs 10,850 per quintal, with arrivals totaling 7000 bags.

On the NCDEX, guar gum futures for delivery in May concluded Rs 80 or 0.74% lower at Rs 10,664 per quintal. The session saw a range between Rs 10,664 and Rs 10,785.

Similarly, guar seed futures for delivery in May settled Rs 23 or 0.42% down at Rs 5,408 per quintal on the NCDEX. The trading session witnessed a low and high of Rs 5,404 and Rs 5,450 respectively.

Despite the current downward trend, market sentiment remains cautious, with expectations of stability or potential upward movement in the near future, driven by factors such as overseas demand for guar gum.

GuarSeed contract for MAY delivery settled at Rs 5408/quintal showing an fall of Rs -23 over previous close of Rs 5431/quintal,The contract moved in the range of Rs 5404-5450 for the day. Open interest decreased by -3580 MT to 23360 MT, while trading volume decreased by -3610 to 8370 MT.

GuarSeed contract for JUN delivery settled at Rs 5475/quintal showing an fall of Rs -22 over previous close of Rs 5497/quintal,The contract moved in the range of Rs 5471-5523 for the day. Open interest increased by 3260 MT to 44485 MT, while trading volume decreased by -3000 to 14760 MT

Currently The spread between MAY and JUN contract is -67 Rs/quintal.

GUARSEED stock in NCDEX accredited warehouse as on 08-May-2024, was 27822 MT

GuarGum contract for MAY delivery settled at Rs 10664/quintal showing an fall of Rs -80 over previous close of Rs 10744/quintal,The contract moved in the range of Rs 10664-10785 for the day. Open interest decreased by -2715 MT to 15840 MT, while trading volume decreased by -590 to 4115 MT.

GuarGum contract for JUN delivery settled at Rs 10802/quintal showing an fall of Rs -80 over previous close of Rs 10882/quintal,The contract moved in the range of Rs 10802-10925 for the day. Open interest increased by 2915 MT to 35205 MT, while trading volume decreased by -1355 to 6280 MT

Currently The spread between MAY and JUN contract is -138 Rs/quintal.

GuarGum stock in NCDEX accredited warehouse as on 08-May-2024, was 25334 MT

(By Commoditiescontrol Bureau: +91 9820130172)