Indian guar futures hit fresh highs on Tuesday on lower output concerns due to crop damage in key growing areas and finally closed the day at 2538 rupees, up 2.05%.
Spot prices are moving higher because of strong demand from gum manufactures. Increasing arrivals failed to suppress because of lower production. Arrivals were 35000 bags in the major market at Jodhpur. Guar seed harvesting is also in progress in Pakistan and Sudan.
Trading Recommendations NCDEX Guarseed Nov Buy with a stop loss of 2420 for a target of 2535.
Courtesy: AUM Capital Market Pvt. Ltd.
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