RTRS: India guar futures hit highs on lower acreage
MUMBAI, July 21 (Reuters) - Indian guar futures hit new contract highs in intraday trade on Tuesday on lower acreage due to scanty rains in north-western India, where most of the guar crop is grown, analysts said.
Guar acreage in Rajasthan, the top producer, is down 74 percent in the current sowing season so far from the corresponding period last year due to slow monsoon progress and scanty rains, a top official said. See [ID:nBOM520060]
Rajasthan accounts for about 80 percent of India's total guar output.
"This one of the most bullish commodities in the wake of a poor monsoon," said an analyst with Nirmal Bang Commodities.
August contract hit fresh highs of 2,034 rupees per 100 kg intraday while traded volume stood at 262,600 tonnes.
Following are the closing prices of guar seed <0#NGU:> in rupees per 100 kg, and guar gum futures <0#NGG:> in rupees per 100 kg, on the NCDEX.
