Kedia Advisory Guar Report As On 13th November 2026 by Amit Gupta, Kedia Advisory
Yellow gold peaked in January, black gold doubled by spring – and green gold has doubled over the year
Three golds, three different cycles: bullion is correcting, crude has given back half its war premium – only green gold is still at its highs.
NCDEX guar gum: from Rs 8,251 in November 2025 to Rs 17,193 – a 108% rise, with every pullback bought
Guar has moved in three legs – December, August and October – and each consolidation held above the previous breakout level.
Guar is a rainfed kharif bean – India grows 80% of the world's crop and exports 90% of the gum it processes
One crop, one state, one monsoon and one customer industry – that concentration is why guar can double when American demand meets a weak Rajasthan harvest.
Guar thickens the water that carries sand into a shale fracture – no viscosity, no proppant placement
Every fracked well is a chemistry order – and for gelled and hybrid fluid designs, that order still starts with a bean grown in Rajasthan.
The first shale boom took guar to Rs 95,920 a quintal and made it India's largest agricultural export
2012 was shale demand plus an Indian drought scare plus precautionary stockpiling by US buyers – the same three ingredients the market is watching now.
Brent doubled to $119 on Middle East shut-ins – and has corrected to $93 as the war premium unwinds
Oil at $90–120 for most of 2026 is the strongest incentive American shale has had since 2022 – that is what fills the guar order book with a lag.
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