Guar Gains, Agriculture Commodities Tracked In Bullish Path

In yesterdays meeting the price of Guar Seed settled up by 3.37% at 5673. This has emerged after the prices of other agricultural commodities got increased due to sudden climatic changes. Unseasonal rains and heavy thunderstorms have impacted many parts of Rajasthan, therefore affecting the agricultural crops in different regions. Prevailing hailstorms have tormented several farmers creating a nuisance for their wheat, mustard, and gram crops completely soaked in water. Therefore damaging several crops across the state.

As the export of Guar has significantly increased, showing rapid growth trends therefore a huge advantage for the overall growth of National economy. This ongoing Guar export demand also showcases a positive impact on the Indian economy and how they will benefit in the upcoming seasons in the agriculture industry.

The Meteorological Department has also assumed weather predictions. The next 4-5 days would be dried, this may help some crops to settle down.

Through recent data, it has been found that India’s Gaur split exports got raised by 19% in the month of February 2023. It was 4,420 tonnes as compared to 3,711 tonnes in the previous month at an average FoB of US $1,843 per tonne as of the month of Feb 23.

 Recent drops in open interest and rapid increase in prices suggests that the guar seed market is under a short covering. The current support level for Guarseed10 is at 5474, and if it breaks below this level, it could test 5274 levels. On the other hand, resistance is expected at 5782, a shift in this level below can lead a price testing at 5890. So the technical outlook for guar seed suggests a volatile market with potential price movements in either direction. 

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