Guarseed seen strong

COMMODITY SPIKES

Meanwhile, recent weather reports suggest that southwest monsoon has advanced in Jaisalmer, Barmer, Bikaner and Jodhpur. This region has seen the least sowing due to lack of rains. Rains play an important role in deciding the direction of guarseed prices.

According to commodity analysts, there is limited downside in the prices. If the forecast of a normal monsoon holds good, they added, the output of guarseed is likely to be positive in the new season.

However, the rise in export demand will overshadow the expected increase in production. Exports are expected to go up by at least 10-15 per cent in the coming season. Sowing has already started, with reports suggesting better acreage in Haryana and north Rajasthan.

On the National Commodity and Derivatives Exchange, the near-month contract of guarseed closed last week at Rs 1,881 a quintal against the previous week's close of Rs 1,849 a quintal, up 1.73 per cent.