Jodhpur, October 7, 2024 (Commoditiescontrol): Guar seed and gum prices showed firm momentum on Monday, bolstered by positive market sentiment and encouraging cues from futures trading. After a notable decline in the previous session, prices rebounded, reflecting a more optimistic outlook among traders.
Market analysts indicate that the recent uptick in prices can be attributed to heightened demand, although clarity regarding this year’s guar seed production remains elusive. Most reports suggest that production is likely to fall short of expectations, adding to market speculation.
In recent auctions, the average price range for guar seed was reported to be relatively stable, hovering between Rs 4,800 and Rs 5,300 per quintal. Notably, guar seed prices reached Rs 5,400 per quintal in Jodhpur’s market, while guar gum was quoted at Rs 11,000 per quintal in the same benchmark location.
On the futures market, guar gum for October delivery closed up by Rs 62 (0.57%), settling at Rs 10,940 per quintal on the NCDEX. During the trading session, prices fluctuated between Rs 10,776 and Rs 10,970.
Similarly, November futures for guar gum increased by Rs 69 (0.63%), closing at Rs 11,080 per quintal, with session lows and highs recorded at Rs 10,894 and Rs 11,115, respectively.
Guar seed futures for October also saw gains, ending Rs 36 (0.66%) higher at Rs 5,456 per quintal, while trading within a range of Rs 5,365 to Rs 5,457. November futures for guar seed rose by Rs 39 (0.71%), closing at Rs 5,539 per quintal, with a session low of Rs 5,451 and a high of Rs 5,539.
As the market continues to assess production levels and demand trends, the stability in guar seed and gum prices reflects a cautious optimism among traders ahead of the upcoming weeks.
GuarSeed contract for OCT delivery settled at Rs 5456/quintal showing an rise of Rs 36 over previous close of Rs 5420/quintal,The contract moved in the range of Rs 5365-5457 for the day. Open interest decreased by -4210 MT to 23680 MT, while trading volume decreased by -7385 to 11040 MT.
GuarSeed contract for NOV delivery settled at Rs 5539/quintal showing an rise of Rs 39 over previous close of Rs 5500/quintal,The contract moved in the range of Rs 5451-5539 for the day. Open interest increased by 3485 MT to 42835 MT, while trading volume decreased by -5415 to 22985 MT.
Currently The spread between OCT and NOV contract is -83 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 07-Oct-2024, was 14207 MT
GuarGum contract for OCT delivery settled at Rs 10940/quintal showing an rise of Rs 62 over previous close of Rs 10878/quintal,The contract moved in the range of Rs 10776-10970 for the day. Open interest decreased by -3185 MT to 13950 MT, while trading volume decreased by -1830 to 6245 MT.
GuarGum contract for NOV delivery settled at Rs 11080/quintal showing an rise of Rs 69 over previous close of Rs 11011/quintal,The contract moved in the range of Rs 10894-11115 for the day. Open interest increased by 3395 MT to 43300 MT, while trading volume decreased by -1980 to 11090 MT.
Currently The spread between OCT and NOV contract is -140 Rs/quintal
GuarGum stock in NCDEX accredited warehouse as on 07-Oct-2024, was 22796 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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