Guar seed Futures settled 2.61% higher on Thursday on account of improved buying at support levels amidst reports of lower crop estimates.
Sharp gains may be capped on expectation that the arrivals will gain momentum in the coming days. Dull demand from the overseas buyers will also support bears in the market.
There are reports that higher prices of Guar gum have made users to think for other alternative cheaper sources of gum for Oil exploration.
Fresh arrivals are expected to gain momentum by the end of October. Subdued overseas demand and fresh arrivals are expected to further pressurize prices.
Production & Exports
There are unconfirmed reports that Guar seed output may be revised downward from the earlier estimates due to unfavorable climate during the last 2 weeks in the Guar growing belts of Rajasthan.
According to the first advance estimates, Guar seed output in Rajasthan is estimated at 11.36 lakh tonnes for 2011-12 season compared to 15.46 lakh tonnes in 2010-11. Production of Guar in Haryana and Gujarat is expected to be 0.2 lakh tonnes and 0.065 lakh tonnes respectively in 2011-12.
According to Agriculture and Processed Food Products Export Development Authority, Indian Guar gum exports for the period April- March 2010-11 surged by 84% and stood at 4,03,007 tonnes as compared to 2,18,473 tonnes during the last year.
In the FY 2011-12 export demand of Guar gum continued to remain higher with exports of 30,816 tonnes in the month of April 2011, up 51 % as compared with 20,376 tonnes in 2010-11 season.
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Guar Seed Surges on Extended Buying
Published 10/28/2011, 10:03 AM
Updated 05/14/2017, 06:45 AM
Guar Seed Surges on Extended Buying
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