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Weekly Commodity Guar Market Wrap - Geojit Financial Services Ltd
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NCDEX Guar complex posted losses in the week gone by. Decline in crude oil prices weighed on as well. Guar gum futures hit its weakest level in three month, while guar seed posted losses after gaining for two consecutive weeks. Muted demand along with possiblity of upward revision of guar output this season weighed on overall market sentiments.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, according to energy services firm Baker Hughes’. The oil and gas rig count, an early indicator of future output, fell to 582 in the week to Nov. 27, Baker Hughes released the report two days early due to the U.S. Thanksgiving Day holiday on Thursday. Baker Hughes said that puts the total rig count down 43 rigs, or 7%, below this time last year. Baker Hughes said oil rigs fell to 477 this week, while gas rigs rose to 100. The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation and as companies focused on paying down debt and boosting shareholder returns instead of raising output.
Ratio of guar seed to guar gum for week ended 29 Nov 2024, rose marginally to 1.98 on week-on-week basis. According to APEDA, 227079 metric tonnes of guargum was export during Apr-Sep 2024 compared to 216322 metric tonnes exported during the same period last year, registering a rise of over eight per cent. According to Commissionerate of Agriculture, Rajasthan first advanced estimates of various principal crops during Kharif 2024, guar has been sown over 2696976 ha and production and yield is estimated to be at 1677504 kg and 622 kg. Final estimates for kharif 2023 showed guar seed being sown in 2882196 ha and 1479912 kg being produced with yield of 513kg /ha.
Guarseed NCDEX DEC
While there prevails a weak bias, a direct voluminous rise above 5320 may improve sentiments.
Guargum NCDEX DEC
While there prevails a weak bias, a rise above 10500 accompanied by considerable volume may improve sentiments.
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