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Guar futures may rise on short supply

Guar futures may rise on short supply

Fri Jan 11 2019

 

A demand spurt from millers and exporters and a simultaneous supply deficit are likely to firm up guar futures in the short term, analysts and traders said.

 

“Supply of guar in mandis is short but demand from exporters is still there and likely to continue in the coming months. Guar prices have started rising and are expected to remain firm,” said Damodar Prasad Saraswat, a trader from the Jodhpur mandi in Rajasthan.

 

Exporters for major oil and gas drilling companies like Halliburton and Schlumberger and local players like Premcems Gums, Rama Industries, Maganlal Shivram, Rajasthan Gum and Supremegums are on a buying spree, Saraswat said. “Exporters and millers from Gujarat are even paying a premium. This indicates that the availability of the crop is less,” he said.

 

In the Jodhpur futures market, guar gum was being quoted at Rs 8,460 a quintal which, Saraswat said, could reach Rs 10,500. India is the largest producer and exporter of guar gum and exports 90 per cent of its production. As per industry estimates, 30,000 tons of guar gum are exported every month.

 

Source: https://economictimes.indiatimes.com

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