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Spot Guarseed/Guargum Remain Weak On Slow Demand

12 Oct 2017 5:46 pm
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MUMBAI (Commoditiescontrol) - Guarseed and Guargum traded subdued second straight day on Thursday at the spot markets of Rajasthan amid concern about supply to increase after Diwali and slow off take by stockists at the higher level.

Guarseed was priced Rs 25 down at Rs 3,750-3,775/100kg at the benchmark Jodhpur market, whereas Guargum fell Rs 50 to Rs 8,250. Guar Churi was priced at Rs 1,360-1,370/75kg, whereas Guar Korma was available at Rs 2,625.

Guarseed arrivals in the country today dropped further to 41,000-41,500 bags (100kg) against 41,500 bags on previous session. Earlier supply on Monday rose to 48,000 bags.


The lower arrivals in the market was mainly attributed to slow farmers selling due to their engagement with other activities like preparing field for rabi crop sowing, festival season. Further they are bullish about the commodity this season due to production and hence selling their produce as per their financial requirements.


Most of traders in the spot markets are optmistic and targetting Guarseed above 4,000 in the coming montsh. However it all depends on how Guargum exports perform in future.


Guargum exports up to August month was very positive, but the U.S rigs count in the recent months have shown negative growht. U.S oil rigs count dropped 9 times in last 15 weeks. The data released on every week.


According to experts there is good scope for Guargum exports if crude oil prices rise and sustain around $60 per barrel level.


Guarseed for November futures ended 0.47%, or Rs 18 lower to Rs 3,811/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). Guargum November futures fell 1.37%, or Rs 114 to Rs 8,196.


(By Commoditiescontrol Bureau; +91-22-40015533)

       
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