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Guar Seed and Gum Prices Decline Amid Selling Pressure

4 Oct 2024 6:11 pm
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Jodhpur, October 4 (Commoditiescontrol): Guar seed and gum prices continued their bearish trend on Friday, driven by significant selling pressure from stockists eager to liquidate old inventories in anticipation of new stock arrivals.

Market sources reported that the average price range for guar seed in auctions remained relatively stable, fluctuating between Rs 4700 and Rs 5250 per quintal. However, in Jodhpur, guar seed prices fell by Rs 100, closing at Rs 5400 per quintal. Guar gum prices also witnessed a decline, dropping Rs 300 to settle at Rs 11,000 per quintal in the benchmark Jodhpur market.

On the National Commodity and Derivatives Exchange (NCDEX), guar gum futures for October delivery decreased by Rs 334, or 2.98%, finishing at Rs 10,881 per quintal, with session lows and highs of Rs 10,820 and Rs 11,288, respectively. November futures for guar gum followed suit, down by Rs 341, or 3%, at Rs 11,014 per quintal, with a trading range between Rs 10,955 and Rs 11,410.

Guar seed futures for October also faced a downturn, closing at Rs 5,390 per quintal after a decrease of Rs 145, or 2.62%. The session saw prices range from Rs 5,390 to Rs 5,595. Similarly, November futures for guar seed dropped Rs 131, or 2.33%, to end at Rs 5,482 per quintal, with a low of Rs 5,482 and a high of Rs 5,700.

As for market arrivals, around 5,500 quintals of new guar seed were reported, with 2,500 quintals arriving from Haryana and the remainder from Rajasthan. The Hanumangar market alone accounted for 3,000 quintals of new arrivals.

The current market dynamics suggest that the bearish trend may persist as stockists continue to sell off their existing inventories.

GuarGum contract for OCT delivery settled at Rs 10881/quintal showing an fall of Rs -334 over previous close of Rs 11215/quintal,The contract moved in the range of Rs 10820-11288 for the day. Open interest decreased by -2615 MT to 17135 MT, while trading volume decreased by -1805 to 8075 MT.

GuarGum contract for NOV delivery settled at Rs 11014/quintal showing an fall of Rs -341 over previous close of Rs 11355/quintal,The contract moved in the range of Rs 10955-11410 for the day. Open interest increased by 1415 MT to 39905 MT, while trading volume decreased by -3965 to 13070 MT.

Currently The spread between OCT and NOV contract is -133 Rs/quintal.

GuarGum stock in NCDEX accredited warehouse as on 04-Oct-2024, was 22307 MT



GuarSeed contract for OCT delivery settled at Rs 5390/quintal showing an fall of Rs -145 over previous close of Rs 5535/quintal,The contract moved in the range of Rs 5390-5595 for the day. Open interest decreased by -3720 MT to 27890 MT, while trading volume decreased by -5615 to 18425 MT.

GuarSeed contract for NOV delivery settled at Rs 5482/quintal showing an fall of Rs -131 over previous close of Rs 5613/quintal,The contract moved in the range of Rs 5482-5700 for the day. Open interest increased by 3690 MT to 39350 MT, while trading volume decreased by -1585 to 28400 MT.

Currently The spread between OCT and NOV contract is -92 Rs/quintal.

GUARSEED stock in NCDEX accredited warehouse as on 04-Oct-2024, was 14129 MT

(By Commoditiescontrol Bureau: +91 9820130172)


       
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