Guarseed yesterday we have seen that market has moved -3.98% due to profit booking tracking weakness in spot market demand. India's National Commodity and Derivatives Exchange (NCDEX) has barred traders from taking fresh positions in all existing contracts of guar gum and guar seeds. The move is effective Thursday, the exchange said in a statement late Wednesday, without elaborating. The export of guar gum, a by-product of guar seed, used as sealant in oil and natural gas drilling, nearly tripled to 670,949 tonnes in April-November from 228,113 tonnes a year earlier, the government data showed. The NCDEX has canceled August and September expiry contracts of guar seed and gum to avoid default in deliveries due to dwindling stocks, the exchange said in a statement earlier this month. Traders have estimated a deficit of around 25 percent in guar seed supply in the market. In Jodhpur guarseed prices dropped -5481.85 rupees to 24950.15 rupees per 100 kg. Market has opened at 29900 & made a low of 28710 versus the day high of 29900. The total volume for the day was at 323 lots and the open interest was at 7125.Now support for the guarseed is seen at 28313 and below could see a test of 27917. Resistance is now likely to be seen at 29503, a move above could see prices testing 30297.

Trading Ideas:

Guarseed trading range for the day is 27917-30297.

Guarseed ended lower due to profit booking tracking weakness in spot market demand

NCDEX bans fresh positions in guar seed and gum contracts

NCDEX accredited warehouses guarseed stocks gained by 20 tonnes to 50735 tonnes.

In Jodhpur Guarseed prices were dropped by -5481.85 rupees to 24950.15 rupees per 100 kg.