Guar yesterday we have seen that market has moved -2.97% on expectation of a rise in output as farmers expanded area under guar seed and subdued spot demand. Spot demand has come down on hopes of higher production. Tepid demand for churi, a by-product of guar seed processing used as cattle feed, due to sufficient availability of green grass in the rainy season, also weighed. In Jodhpur guar prices dropped -25.15 rupees to 1989.75 rupees per 100 kg. Market has opened at 2052 & made a low of 1990 versus the day high of 2070. The total volume for the day was at 304040 lots and the open interest was at 176080.Now support for the guar is seen at 1963 and below could see a test of 1937. Resistance is now likely to be seen at 2043, a move above could see prices testing 2097.

Trading Ideas:

Guar trading range is 1937-2097.

Guar settled lower on expectation of a rise in output

Guar is getting resistance at 2018 and support is at 1963 level

Spot demand has come down on hopes of higher production.

In Jodhpur guar prices dropped -25.15 rupees to 1989.75 rupees per 100 kg.