Prospects of lower production this year along with rising Crude Oil prices, leading to improved export demand could support Guargum price. With Guar being used for oil drilling purpose, export demand from US is expected to rise on recovery in Crude Oil prices.
Satisfactory progress of Monsoon towards Kerala kept uptrend limited for Guar on Thursday as rates fell on apprehensions of improved sowing. Reports of sowing already starting early in parts of Rajasthan and Haryana with the recent rains and irrigation facilities are already pressurizing prices.
Satisfactory progress of Monsoon towards Kerala kept uptrend limited for Guar on Thursday as rates fell on apprehensions of improved sowing. Reports of sowing already starting early in parts of Rajasthan and Haryana with the recent rains and irrigation facilities are already pressurizing prices.
Guargum June contract is likely to trade bullish for both short term and intra day at NCDEX. Short term support is seen at 10500 and resistance at 12200. Intra day support is seen at 11200 and and resistance at 11500.
Guargum for June delivery was trading up 0.89 per cent to 11380 level on Friday at India's National Commodity&Derivatives Exchange(NCDEX).
Guargum for June delivery was trading up 0.89 per cent to 11380 level on Friday at India's National Commodity&Derivatives Exchange(NCDEX).
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