Today Guar seed Outlook (19marc): Kedia Commodities
Published on Friday, March 19th, 2010 at 5:40 PMAuthor: onlinecommoditycalls (1958 Articles)
Guar seed futures fell sharply yesterday on account of rolling over of positions from March to next months ahead of expiry of the contracts. Spot prices also declined due to subdued trading activity.
The most active April contract guar seed futures made an intraday low of 2245 levels from a high of 2285 levels and settled at 2253 levels, declining by 1.05%.
Outlook
Guar seed futures are projected to trade on a negative note during the day on account of extended profit booking
Rolling over of positions from near month to next months is likely to result into weak trend during the day
Spot market is also witnessing weak trend because of subdued trading activity
Spot price is quoting higher at Rs.2275 per quintal in Jodhpur and guar gum is trading at Rs.4600 per quintal
In 2009-10 kharif season, India’s guar seed production is estimated at 3.5 lakh tonnes against 8.5 lakh tonnes produced last year
NCDEX-accredited warehouses, stock of guar seed stood at 27,891 tonnes and guar gum at 34,728 tonnes as on March 17
The open interest increased by 2.34% to 191540 tonnes from 187150 tonnes and volume fell by 23.% to 242740 tonnes from 318140 tonnes
Courtesy: Kedia Commodities
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