Jodhpur, October 28 (Commoditiescontrol): Guar gum prices held firm in the physical market on Monday, buoyed by improved demand at lower price levels, while futures trading experienced notable volatility. Following a significant drop in prices over recent sessions, the resurgence in physical demand has led to a modest increase in guar gum prices.
In Jodhpur, guar gum was quoted at Rs 10,800 per quintal in the benchmark market, reflecting this newfound demand. Meanwhile, guar gum futures for delivery in November ended nearly flat at Rs 10,600 per quintal on the NCDEX, with session fluctuations ranging from Rs 10,476 to Rs 10,639.
Guar seed futures also showed a slight uptick, closing Rs 14 or 0.27% higher at Rs 5,294 per quintal, with session lows and highs of Rs 5,184 and Rs 5,305, respectively. However, the spot market for guar seed remained largely stable, with prices hovering around Rs 5300 per quintal.
Market sources reported that the average auction price for guar seed ranged between Rs 4800 and Rs 5100 per quintal, with arrivals totaling approximately 52,000 bags across the country. The increase in arrivals has exerted pressure on guar seed prices, which have struggled to maintain momentum.
Despite the current firmness in prices, analysts are cautious about future trends. Sushil Sharma, a commodity market expert, indicated that both guar seed and gum prices are unlikely to experience bullish trends in November, anticipating a rise in seed arrivals. Furthermore, exports of guar gum have been sluggish over the past two months, with demand from the US—India's largest buyer—reportedly waning. Interest from Russian buyers has also been low, contributing to a subdued market atmosphere.
Sharma noted the decline in demand for byproducts such as churi and korma, suggesting that the market may face challenges ahead. As the industry navigates these dynamics, stakeholders remain watchful for changes that could impact pricing and demand in the coming weeks.
GuarSeed contract for NOV delivery settled at Rs 5294/quintal showing an rise of Rs 14 over previous close of Rs 5280/quintal,The contract moved in the range of Rs 5184-5305 for the day. Open interest decreased by -5470 MT to 40980 MT, while trading volume increased by 4940 to 20025 MT
GuarSeed contract for DEC delivery settled at Rs 5380/quintal showing an rise of Rs 15 over previous close of Rs 5365/quintal,The contract moved in the range of Rs 5293-5387 for the day. Open interest increased by 2825 MT to 16640 MT, while trading volume increased by 1960 to 9515 MT.
Currently The spread between NOV and DEC contract is -86 Rs/quintal.
GUARSEED stock in NCDEX accredited warehouse as on 28-Oct-2024, was 11165 MT
GuarGum contract for NOV delivery settled at Rs 10600/quintal showing an was simillar of Rs 0 over previous close of Rs 10600/quintal,The contract moved in the range of Rs 10476-10639 for the day. Open interest decreased by -4315 MT to 39170 MT, while trading volume decreased by -540 to 8355 MT.
GuarGum contract for DEC delivery settled at Rs 10760/quintal showing an rise of Rs 18 over previous close of Rs 10742/quintal,The contract moved in the range of Rs 10610-10775 for the day. Open interest increased by 4370 MT to 18930 MT, while trading volume increased by 1905 to 6925 MT
Currently The spread between NOV and DEC contract is -160 Rs/quintal.
GuarGum stock in NCDEX accredited warehouse as on 28-Oct-2024, was 24374 MT
(By Commoditiescontrol Bureau: +91 9820130172)
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