MUMBAI (Commodity Online): Guar Seed futures gathered decent gains in the early trading on the NCDEX counter Thursday owing to higher demand in the spot market.

NCDEX Guar seed August contract gained Rs 17 at Rs 2,391 a quintal and traded in the range of Rs 2,401- 2,382 a quintal. September contract traded at Rs 2,409 a quintal, up Rs 13 and fluctuated between Rs 2,422- 2,405 a quintal.

Volumes in the August and September contracts totalled 55,200 and 19,820 tons respectively. Now support for the guar is seen at 2338 and below could see a test of 2303. Resistance is now likely to be seen at 2409, a move above could see prices testing 2445.

Guar yesterday we have seen that market has moved -1.49% in the wake of steady sowing progress of Guar Seed in major states along with waning export demand of guar gum.

Moreover, most the exporters are sitting sideline and waiting for the further decline in guar seed and guar gum prices at major mandies. In the Jodhpur spot market, guar seed slipped 8.5 rupees to end at 2,312.50 rupees per 100 kg. Market has opened at 2404 & made a low of 2338 versus the day high of 2409.

The total volume for the day was at 481690 lots and the open interest was at 157330.

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