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Sentiments are sanguine in the NCDEX guar complex. Both guarseed and guar gum futures have climbed to its highest level in more the five months. Firm demand lend support.

According to the Rajasthan Agriculture Department, as of July 21, 2023 area under guar stood at 2024.303 thousand ha compared to 2990 thousand ha sown during the same period last year.

Ratio of guar seed to guar gum for week ended 21 Jul 2023, was up to 20.4 compared to 1.98 a week earlier.

In the month of April 2023, India’s guar split saw a jump of 16% to 3,500 tonnes at an average FoB of US$ 1489 per tonne, as compared to 3,010 tonnes in the month of March ’23 at an average FoB of US$ 1,646 per tonne. However, the guar split shipments went down by 13% as compared to the same period last year. This month, China was the only importer of guar split.

The Guar gum exports in the month of April 2023 dropped down by 14.6% to 16,219 tonnes at an average FoB of US $1,455 per tonne as compared to 19,001 tonnes in the month of March 2023 at a FoB of US $1,558 per tonne. Further, the gum shipments also went down by 15% in April ’23 as compared to the corresponding year. Among the total exported quantity, Russia purchased approximately 3,349 tonnes, the USA bought 2,990 tonnes, China acquired 1,961 tonnes, and Germany imported 1,808 tonnes.

Guarseed NCDEX AUG

While more upsides are in store on sustained rise above 6100, slippage past 5900 may call for profit booking.

Guargum NCDEX AUG

While there prevails positive bias, 12900 range may act as stiff resistance. Inability to clear the same may call for profit booking.

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