Guar seed prices moved up sharply and new contract highs on week end trading session. The active contract December NCDEX made new high of rs2540 and ended at Rs2534 levels. Spot prices rose to record level of Rs2450 per quintal in Rajasthan spot markets.
Outlook
Long term trend remain bullish due to strong demand and lower output estimates
Daily arrivals reported around 20000 bags across major growing states, but still lower compared to more than 60000 bags in last year
Domestic guar seed output is estimated at 35 lakh bags compared to 85 lakh bags in last year
Strong demand from stockiest and also from exporters may hold prices in bullish mode in coming days
Sharp rise in prices of most of the meals and global crude oil prices are bullish factors for guar seed. For the day ahead, guar seed futures are expected to trade sideways with firm bias due to lower arrivals and strong demand from stockiest
Courtesy: JRG Wealth Management
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