Jodhpur, August 6 (CommoditiesControl): Guar seed and gum prices rebounded on Tuesday as demand improved at lower levels. According to traders, guar seed and gum prices ended a week-long losing streak, gaining slightly despite the weakness in crude oil, which limited the upside potential for guar gum. Crude oil prices dropped for the fourth consecutive session on Tuesday as recession fears continued to overshadow the risk of a major escalation in the Middle East.
Market sources reported that the average price range for guar seed in auctions was quoted at Rs 4800-5150 per quintal, up Rs 5 from the last session.
In Jodhpur, guar seed prices increased by Rs 50 to Rs 5250 per quintal. Guar gum prices were quoted Rs 100 higher at Rs 10,400 per quintal in Jodhpur's benchmark market. Arrivals were reported at 6200 bags, down 500 bags from the previous session.
Guar gum futures for August delivery ended Rs 149 or 1.45% up at Rs 10,440 per quintal on the NCDEX, with session lows and highs of Rs 10,070 and Rs 10,484, respectively.
Guar seed futures for July delivery settled Rs 25 or 0.47% higher at Rs 5,294 per quintal on the NCDEX, with session lows and highs of Rs 5186 and Rs 5305 per quintal, respectively.
GuarSeed contract for AUG delivery settled at Rs 5294/quintal showing an rise of Rs 25 over previous close of Rs 5269/quintal,The contract moved in the range of Rs 5186-5305 for the day. Open interest decreased by -2110 MT to 23020 MT, while trading volume decreased by -4110 to 5185 MT.
GuarSeed contract for SEP delivery settled at Rs 5377/quintal showing an rise of Rs 26 over previous close of Rs 5351/quintal,The contract moved in the range of Rs 5302-5389 for the day. Open interest increased by 1355 MT to 36275 MT, while trading volume decreased by -4470 to 13935 MT.
Currently The spread between AUG and SEP contract is -83 Rs/quintal
GUARSEED stock in NCDEX accredited warehouse as on 06-Aug-2024, was 20217 MT.
GuarGum contract for AUG delivery settled at Rs 10440/quintal showing an rise of Rs 149 over previous close of Rs 10291/quintal,The contract moved in the range of Rs 10070-10484 for the day. Open interest decreased by -2625 MT to 16335 MT, while trading volume increased by 1570 to 5220 MT.
GuarGum contract for SEP delivery settled at Rs 10602/quintal showing an rise of Rs 135 over previous close of Rs 10467/quintal,The contract moved in the range of Rs 10409-10653 for the day. Open interest increased by 1360 MT to 37640 MT, while trading volume increased by 690 to 8425 MT.
Currently The spread between AUG and SEP contract is -162 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 06-Aug-2024, was 22638 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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