Jodhpur, 5 August (CommoditiesControl): Guar seed and gum prices continued to decline on Monday due to selling pressure. According to traders, the guar market faced selling pressure today due to poor demand for guar gum following bearish cues from the crude oil market. Crude oil prices dropped after US stock market indices crashed amid rising fears of an economic recession.
Market sources reported that the average price range for guar seed in auctions was quoted at Rs 4800-5100 per quintal, down Rs 100 from the last session.
In all paid, guar seed prices fell by Rs 200 to Rs 5200 per quintal in Jodhpur's market. Guar gum prices were quoted Rs 300 lower at Rs 10,300 per quintal in the benchmark market of Jodhpur. Arrivals increased to 6800 bags, up 300 bags from the last session.
On the futures front, guar gum for August delivery ended Rs 197 or 1.87% down at Rs 10,320 per quintal on the NCDEX, with the session's low and high at Rs 10,223 and Rs 10,410, respectively.
Guar seed futures for July delivery settled Rs 79 or 1.47% down at Rs 5,280 per quintal on the NCDEX, with the session's low and high at Rs 5155 and Rs 5320 per quintal, respectively.
GuarSeed contract for AUG delivery settled at Rs 5280/quintal showing an fall of Rs -79 over previous close of Rs 5359/quintal,The contract moved in the range of Rs 5155-5320 for the day. Open interest decreased by -2120 MT to 25130 MT, while trading volume decreased by -6750 to 9295 MT.
GuarSeed contract for SEP delivery settled at Rs 5360/quintal showing an fall of Rs -91 over previous close of Rs 5451/quintal,The contract moved in the range of Rs 5317-5400 for the day. Open interest increased by 1895 MT to 34920 MT, while trading volume decreased by -14820 to 18405 MT.
Currently The spread between AUG and SEP contract is -80 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 05-Aug-2024, was 20236 MT
GuarGum contract for AUG delivery settled at Rs 10320/quintal showing an fall of Rs -197 over previous close of Rs 10517/quintal,The contract moved in the range of Rs 10223-10410 for the day. Open interest decreased by -1295 MT to 18960 MT, while trading volume decreased by -2955 to 3650 MT.
GuarGum contract for SEP delivery settled at Rs 10489/quintal showing an fall of Rs -203 over previous close of Rs 10692/quintal,The contract moved in the range of Rs 10410-10567 for the day. Open interest increased by 970 MT to 36280 MT, while trading volume decreased by -5895 to 7735 MT
Currently The spread between AUG and SEP contract is -169 Rs/quintal.
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GuarGum stock in NCDEX accredited warehouse as on 05-Aug-2024, was 22325 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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