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Guar seeds plunge 10% in 2016

Textile_industry 2016. 3. 2. 16:12
Guar seeds plunge 10% in 2016, analysts see no trigger for recovery

Sutanuka Ghosal, ET Bureau Feb 8, 2016, 11.50AM IST

Guar seed prices have dropped 10% since the beginning of the year, prompting heavy selling of the commodity by investors on Friday as analysts said there was no immediate trigger for recovery.

A drop in crude oil price has forced North America's oil and drilling sector to reduce guar gum imports. This, coupled with higher arrivals in the market, has pushed down guar seed prices, making it unattractive to investors.

"Short selling is being seen for guar seed," said Vinod TP, an analyst with Geofin Comtrade.

The price of guar seeds has slipped from Rs 3,353 per tonne on December 31, 2015 to Rs 2,997 per tonne in the first week of February. "Technically, as the price broke the support of Rs 3,040 it is expected to see downside towards Rs 2,485 or even lower to Rs 2,200 levels in the near term. However, if prices sustain above the support of Rs 3,040 it may trigger short covering rallies. Major buying or slight reversal rally is only expected above Rs 3,530 levels," said another analyst, who did not wish to be named.

Guar seed is expected to trade weak amid an increase in short sellers on the futures platform and higher output. Guar output is also seen higher, with crop from Gujarat, the second largest producer, seen at 1.79 lakh tonnes in 2015-16, 7% higher than in the previous year. Moreover, higher production for the past two years has ensured higher stocks for guar this year, thus keeping prices down.

PK Hissaria, managing director of Sunita Hydrocolloids said that a price fall will act as a disincentive for farmers and the area under guar seed might come down in the upcoming Kharif period. "However, there will be no drastic reduction in acreage as guar plantings increase the yield of subsequent crops as this legume conserves soil nutrient content. And moreover, it is easier to grow guar as water requirement is less," he said.

Guar gum is extracted from guar seed, which is used by drilling companies to thicken water that is mixed with sand and pumped through shale rock cracks to extract gas. It is also used as a thickening agent in products like ice cream, bread, pasta, sausages and pastries.

In the 2015 kharif season India had produced 17 lakh tonnes of guar seed, making it the largest producer with about 80% of world production. Rajasthan, Gujarat and Haryana are the main producing regions, and Jodhpur, Sri Ganganagar and Hanumangarh in Rajasthan the major guar trading markets. The best quality guar beans are sometimes known as fast-hydrating guar.

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