Good demand from the U.S. and Europe for guar gum, a guar seed by-product that is mostly used as a controlling agent in crude oil drilling, and a lower harvesting are pushing the prices up. The prices have more than doubled since November. Lower production prospects, moderate arrivals and any further strength in Dollar are likely to support the market Fundamentals later on though some more corrections in the short term cannot be ruled out. After harvesting a record 15 lakh tonnes of Guar crop in Rajasthan in 2010-11season (Oct 10- Sep 11), output in the current season has declined to around 12.09 lakh tonnes.
In Jodhpur guarseed prices gained 421.15 rupees to 12593.95 rupees per 100 kg. Market has opened at 12200 & made a low of 12115 versus the day high of 12648. The total volume for the day was at 29850 lots and the open interest was at 44000.Now support for the guarseed is seen at 12237 and below could see a test of 11910. Resistance is now likely to be seen at 12770, a move above could see prices testing 12976.
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Guarseed trading range is 11910-12976.
Guarseed rose on buying by exporters and traders expectation of further rise in prices
Guar gum exports from India rose more than 75 percent to 348,000 tonnes from April to October 2011
NCDEX accredited warehouses guarseed stocks dropped by 280 tonnes to 62444 tonnes.
In Jodhpur guarseed prices gained 421.15 rupees to 12593.95 rupees per 100 kg.
Pepper February delivery dropped Rs 175 and settled at Rs 29300/quintal on subdued export demand and on expectations fresh arrivals from the new season crop will improve in coming days. Supplies from the new season crop have started arriving in small quantities in southern Kerala and Karnataka states. Local supplies are expected to improve in coming days. New crop arrivals from Vietnam is also likely to start by Feb. end or March.
However with Indian production expected lower due to ad-verse weather, lower acreage and a fall in productivity, any rise in exports could support the prices at these lower levels. There are expectations of some more corrections in the short term as higher production estimates are keeping pressure on the market sentiments. Medium term trend however looks positive on expected rise in export demand.
As per IPC latest estimates, global Pepper production expected to rise to 3,20,000 tonnes in 2012 vs 2,98,000 tonnes this year a rise of 7.2%. Global exports expected to rise to 2.46 lakh tonnes vs 2.42 lakh tonnes in 2011. Spot pepper dropped -136.2 rupees to 30861.15 rupees per 100 kg in Kochi market. The contract touched the intra day high of Rs 29800/quintal while low of Rs 28880/quintal. Now support for the pepper is seen at 28853 and below could see a test of 28407. Resistance is now likely to be seen at 29773, a move above could see prices testing 30247.
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Pepper trading range is 28407-30247.
Pepper dropped on subdued export demand and on expectations fresh arrivals from new season crop will improve
New crop arrivals from Vietnam is also likely to start by Feb. end or March
NCDEX accredited warehouses pepper stocks dropped by 26 tonnes to 4032 tonnes.
Spot pepper dropped -136.2 rupees to 30861.15 rupees per 100 kg in Kochi market.
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