Rising export demand drives up guar futures
In futures, guar ended higher on Thursday on export demand from the US and China and lower carryover stocks.
By PTI |
MUMBAI: In futures, guar ended higher on Thursday on export demand from the US and China and lower carryover stocks. End-of-season stocks for guar seed fell to 2.5 million bags of 100 kg each as of end-May 2008, from 4.5 million bags a year ago, according to industry estimates.
Despite the gains this session, futures generally look weak due to the timely advance of the monsoon, said Chowda Reddy, an analyst with Karvy Comtrade.
Guar is a rain-fed crop and good rain boosts output, depressing prices. The combined open interest of June, July and September futures stood at 241,720 tonnes, up from 236,780 tonnes in the previous session.
In Jodhpur spot market, prices of mill delivery guar were almost steady at about Rs 1,880 per 100 kg.
Despite the gains this session, futures generally look weak due to the timely advance of the monsoon, said Chowda Reddy, an analyst with Karvy Comtrade.
Guar is a rain-fed crop and good rain boosts output, depressing prices. The combined open interest of June, July and September futures stood at 241,720 tonnes, up from 236,780 tonnes in the previous session.
In Jodhpur spot market, prices of mill delivery guar were almost steady at about Rs 1,880 per 100 kg.
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