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Saturday, October 27, 2007
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Commodity News
Oct 27 2007 11:06AM
Guar futures move up further

Mumbai, Oct 27 - The National Commodity and Derivatives Exchange [NCDEX] guarfuturesedged up higher in opening minutes of weekend trade on fresh buying.

Market observers say marginally firm advices from domestic spotare supporting the rise. This was unlikely to common belief that futures may resume sluggish on idea that gains in last trade may tempt speculative traders to book gains, they add.

Also, rising arrival and slow trade - normal with the weekend - was likely to keep the prices lower. Intra-day arrival maintained higher level of 80,000 bags across Rajasthan and Haryana in last trade.

Trade sources add unconfirmed buys by few major corporate houses at Jodhpur yesterday inspired players to buy fresh today.

Benchmark December guar seed futures traded Rs. six higher at Rs. 1,789/quintal at 10.48 hrs IST. Volume traded was sharp at 10,660 lots. Earlier the contract resumed trade with minor gains at Rs. 1,786 but slipped soon to Rs. 1,782/quintal before the recovery.

November contract was also up Rs. four at Rs. 1,745/quintal, while January-08 traded Rs seven higher at Rs. 1,828/quintal. November and December contracts have traded volume of 1,690 and 5,160 lots respectively.

Guar gum futures, however, resumed trade with distinct gains and have gone on to strengthen further. Most-active December futures traded Rs. 20 higher at Rs. 4,452/quintal with 140 lots contracted. November contract was up Rs. 14 at Rs. 4,356/quintal, while January-08 gained Rs. 24 to move to Rs. 4,540/quintal. Volume traded for the two contracts has been 50 and 70 lots respectively.

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