Guar yesterday we have seen that market has moved -0.78% on estimates of higher crop production and poor demand for the by-products of guar seed. Demand for churi and korma, the by-products of guar seed, used as cattle feed, has gone down due to sufficient availability of green grass. Buyers are not active as they are expecting further fall in prices. The new crop is very big; prices are likely to remain under pressure. In Jodhpur guar prices dropped -12.55 rupees to 1989.75 rupees per 100 kg. Market has opened at 2058 & made a low of 2017 versus the day high of 2062. The total volume for the day was at 144390 lots and the open interest was at 192710.Now support for the guar is seen at 2013 and below could see a test of 1992. Resistance is now likely to be seen at 2058, a move above could see prices testing 2082.

Trading Ideas:

Guar trading range is 1992-2082.

Guar settled weak on estimates of higher crop production and poor demand

Guar is taking resistance at 2058 and support is seen at 2013.

NCDEX accredited warehouses guar stocks rose 10 tonnes to 20275 tonnes.

In Jodhpur guar prices dropped -12.55 rupees to 1989.75 rupees per 100 kg.