Guar seed prices moved up sharply and almost touched 3 percent upper limit. The active contract December NCDEX made new high of Rs2604 and ended at Rs2594 levels. Strong demand from stockiest and low arrivals supported sharp rise in guar seed prices.
Outlook
Daily arrivals reported around 30000 bags across major markets
Fall in output and bullish trend in meals supporting sharp rise in guar seed complex
Spot prices are quoting at Rs2500 per quintal, highest since launch of guar seed futures trading
Overall trend still remain bullish and prices are expected to touch Rs3000 levels
Domestic guar seed output is estimated at 35 lakh bags compared to 85 lakh bags in last year
For the day ahead, guar seed futures may take some correction initially, but expected to recover in the later session
Courtesy: JRG Wealth Management
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