Jodhpur, August 2, 2024 (Commoditiescontrol): Guar seed and gum prices tumbled in the physical market on Friday, tracking bearish futures and weakness in crude oil. The recent rains have raised hopes of higher acreage, leading to increased selling pressure at the local bourse. Additionally, the weakness in crude oil has impacted the demand for guar gum.
According to market sources, the average price range for guar seed in auctions was quoted at Rs 5000-5200 per quintal, down Rs 150 from the last session. In all paid transactions, guar seed prices fell by Rs 100 to Rs 5400 per quintal in the Jodhpur market. Guar gum prices also saw a significant drop, quoted Rs 400 down at Rs 10,600 per quintal in the benchmark market of Jodhpur. Arrivals were 6500 bags, down 300 bags from the last session.
On the National Commodity & Derivatives Exchange (NCDEX), guar gum futures for August delivery ended Rs 402 or 3.67% down at Rs 10,540 per quintal. The session's low and high were Rs 10,445 and Rs 10,850, respectively.
Similarly, guar seed futures for July delivery settled Rs 169 or 3.05% down at Rs 5,366 per quintal on the NCDEX. The session's low and high were Rs 5321 and Rs 5510 per quintal, respectively.
The market sentiment was largely influenced by expectations of higher production due to recent rains and the concurrent decline in crude oil prices, which adversely affected the demand for guar gum, a key ingredient used in oil drilling.
GuarSeed contract for AUG delivery settled at Rs 5366/quintal showing an fall of Rs -169 over previous close of Rs 5535/quintal,The contract moved in the range of Rs 5321-5510 for the day. Open interest decreased by -1660 MT to 27250 MT, while trading volume increased by 5335 to 16045 MT.
GuarSeed contract for SEP delivery settled at Rs 5455/quintal showing an fall of Rs -178 over previous close of Rs 5633/quintal,The contract moved in the range of Rs 5417-5622 for the day. Open interest increased by 2010 MT to 33025 MT, while trading volume increased by 16655 to 33225 MT.
Currently The spread between AUG and SEP contract is -89 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 02-Aug-2024, was 20005 MT
GuarGum contract for AUG delivery settled at Rs 10540/quintal showing an fall of Rs -402 over previous close of Rs 10942/quintal,The contract moved in the range of Rs 10445-10850 for the day. Open interest decreased by -1795 MT to 20255 MT, while trading volume increased by 870 to 6605 MT.
GuarGum contract for SEP delivery settled at Rs 10715/quintal showing an fall of Rs -420 over previous close of Rs 11135/quintal,The contract moved in the range of Rs 10623-11219 for the day. Open interest increased by 1215 MT to 35310 MT, while trading volume increased by 4200 to 13630 MT.
Currently The spread between AUG and SEP contract is -175 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 02-Aug-2024, was 21937 MT
(By Commoditiescontrol Bureau: +91 9820130172)