Commodity Weekly Insights : Guar Market Wrap by Geojit Financial Services
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MARKET UPDATES & NEWS
Guar complex on NCDEX was under pressure from rising arrivals in the spot market in the week gone by.
Ratio of guar seed to guar gum for week ended 17 Mar 2023, was up to 2.02 compared to 2.03 a week earlier
India’s guar split exports decreased in the month of Jan ’2023 by 32% to 3,711 tonnes compared to 5,440 tonnes previous month at an average FoB of US $1,936 per tonne in the month of Jan ’23 compared to US $1,609 per tonne previous month. However, the guar split shipments gone down by 8% in Jan ’23 compared to the same period last year. Of the total exported quantity, around 3,000 tonnes bought by China, US 630 tonnes and Switzerland 80 tonnes.
India’s guar gum exports decreased in the month of January 2023 by 8% to 21,326 tonnes compared to 23,136 tonnes during previous month at an average FoB of US $1482 per tonne in the month of Jan ’2023 as compared to US $1312 per tonne previous month. Further, the gum shipments were marginally down by 0.2% in Jan ’2023 as compared to the corresponding year. Out of the total exported quantity, around 7,428 tonnes bought by USA, Russia 3,897 tonnes, Germany 1,458 tonnes, China 1,217 tonnes, Australia 1,005 tonnes and Italy 770 tonnes.
According to the first advance estimates for 2022-23 kharif crop released by the Gujarat Agriculture department, area under guar seed in the state stood at 95440 ha. Production is estimated to be at 60750 tonnes with average yield per hectare seen at 636.48 kg.
Guarseed NCDEX MAY
11300 is the immediate support range and slippage past the same could intensify weakness. If held the same may call for a brief bounce up, however, a voluminous rise above 12400 ranges is required for sentiments to improve
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