Guar awaits cues from rains

COMMODITY SPIKES

Commodity analysts say it will depend on how the monsoon shapes out. Sowing is expected to start in Haryana and north-western part of Rajasthan by the second week of June.

However, sowing in the main producing belt of western and southern parts of Rajasthan will begin only in July. Presently, the country has a stock of 30 lakh bags of a quintal each and till the new crop arrives in October, the carryforward quantity is expected to be around 10 lakh bags.

 

The country produced close to 85 lakh bags of guarseed last year. For the July contract, the resistance is put at Rs 1,934 a quintal, which could reach up to Rs 1,964 a quintal, whereas the support level is seen at Rs 1,887 a quintal.

On Ncdex, the near month June contract slipped to Rs 1,869 a quintal on Saturday against the previous week's close of Rs 1,878 a quintal. Commodity broking houses have given a call of buying at every lower level on the