Guraseed To Decline Further In The Near Term (07:04, 25 Sep 2013) Bearish trend is likely to continue in guarseed futures due to strong production estimates along with comfortable carryover stocks in local mandies.The NCDEX futures declined by more than 2% in the last trading. Traders mentioned that favourable crop situation in major guarseed producing areas like Barmer, Jodhpur and Bikaner is likely to increase the current year production. Traders have already estimated the current year gruarseed production at 2.20 million tonnes , up almost 5-7% from the last year. The spot prices of guarseed shrugged off by Rs 150 per quintal in the last trading to close at around Rs 6050 per quintal as most of stockiest have reported strong liquidation in local mandies. The overall stock position of guarseed in physical mandies is currently reported at 72-75 lakh bags against 50 lakh bags that were reported last year in the same period. The NCDEX October futures decreased by Rs 240 per quintal in the last trading to close at Rs 5990 per quintal. The NCDEX futures added 2% in open interest indicating fresh short position by traders. Technically, prices are likely to witness some selling from 6070-6110 levels , while supports are likely at 5880-5900 levels in the near term. Powered by Commodity Insights
Posted on: Wed, 25 Sep 2013 03:57:29 +0000
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