Commodity Weekly Insights : Cotton complex By Geojit Financial Services
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MARKET UPDATES & NEWS
Guar complex was held in thin ranges in the week gone by. The most active guar seed and guar gum November futures are seen varying in a range after the recent fall, awaiting fresh cues for further directional moves. Expectation of lower production this kharif season lend support.
Ratio of guar seed to guar gum for week ended 13 Oct 2023, was up to 2.05 compared to 2.03 a week earlier.
In August 2023, India's exports of guar gum saw a 1.2% increase, reaching 17,084 tonnes, up from the previous month's 16,887 tonnes. The average FoB price for guar gum in August 2023 was US $1501 per tonne, compared to the previous month's US $1454 per tonne. Of the total exported quantity, the United States purchased 4,504 tonnes, Russia acquired 2,519 tonnes, Germany imported 1,730 tonnes, Canada received 1,578 tonnes, and China brought in 719 tonnes.
According to Baker Hughes, as of October 13, the number of active U.S. rigs drilling for oil rose by 4 to 501 this week. That followed three consecutive weeks of declines. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by 3 to stand at 622.
Guarseed NCDEX NOV
A consolidation is in progress after the recent fall. On the downside, 5380 is seen as the key support and on the upside 5910.
Guargum NCDEX NOV
Even as there exist weakness, a voluminous rise above 11700 or a fall past 11000 may lend fresh direction.
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