Guar seed futures fell marginally on Saturday due to speculative selling in the futures market. Spot prices also declined due to subdued trading activity.

The most active April contract guar seed futures made an intraday low of 2267 levels from a high of 2297 levels and settled at 2277 levels, declining by 0.87%.

Outlook

Guar seed futures are projected to trade on a negative note during the day on account of extended profit booking

Speculative selling is likely to weigh on the market

The lack of demand for churi and korma is likely to exert pressure on the market

Spot market is also witnessing weak trend because of subdued trading activity

Spot price is quoting higher at Rs.2275 per quintal in Jodhpur and guar gum is trading at Rs.4600 per quintal

In 2009-10 kharif season, India’s guar seed production is estimated at 3.5 lakh tonnes against 8.5 lakh tonnes produced last year

NCDEX-accredited warehouses, stock of guar seed stood at 27,891 tonnes and guar gum at 34,728 tonnes as on March 17

The open interest fell by 0.46% to 139430 tonnes from 194330 tonnes and volume fell by 47.87% to 143380 tonnes from 275090 tonnes

Courtesy: Kedia Commodities

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