Commodity Weekly Insights : Guar Market Wrap By Geojit Financial Services
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MARKET UPDATES & NEWS
Sentiments were mostly weak in the guar complex on NCDEX in the week gone by. Both guar seed and guar gum futures were down on the bourse posting weekly losses. Rise in arrivals in the spot market along with weak crude oil prices weighed on overall market sentiments. However, losses were probably limited on expectation of lower production this kharif season.
Ratio of guar seed to guar gum for week ended 24 Nov 2023, was down to 2.2 compared to 2.3 a week earlier.
In September 2023, India witnessed a notable 5% surge in guar gum exports, reaching 17,927 tonnes, compared to the previous month's 17,084 tonnes. This increase led to an average FoB price of US $1588 per tonne for September 2023, as opposed to US $1501 per tonne in the preceding month.
Of the total exported quantity, approximately 6,155 tonnes were purchased by the United States, 2,073 tonnes by Russia, 1,472 tonnes by Germany, 1,466 tonnes by Canada, and 912 tonnes by China.
Guarseed NCDEX DEC
A consolidation in progress and a voluminous rise above 5900 range is required for sentiments to improve. As long as this range caps, may trade sideways to weak.
Guargum NCDEX DEC
Broadly a movement inside 11050-12500 is in progress and a voluminous break from either side of the aforementioned range may lend fresh direction.
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