Commodity Trading Tips for Guar by KediaCommodity

GuarGuar yesterday we have seen that market has moved 1.68% due to short-covering, though higher production estimates and lack of demand from the local market capped gains. Rise in export queries from the US and China in coming weeks too are likely to support prices further. The international weather agencies have predicted normal and above normal monsoon during the current year in Rajasthan. In Jodhpur guar prices gained 33.9 rupees to 2746.8 rupees per 100 kg. Market has opened at 2789 & made a low of 2777 versus the day high of 2860. The total volume for the day was at 195460 lots and the open interest was at 139630. Now support for the guar is seen at 2793 and below could see a test of 2743. Resistance is now likely to be seen at 2876, a move above could see prices testing 2909.

Trading Ideas:

Guar trading range is 2743-2909.

Guar ended higher due to short-covering though higher production estimates capped gains

Guar is taking resistance at 2860 and support is seen at 2816

International weather agencies have predicted above normal monsoon during current year in Rajasthan

In Jodhpur guar prices gained 33.9 rupees to 2746.8 rupees per 100 kg.