Thursday 14 May 2015

NCDEX GUARGUM SHORT TERM BULLISH; MONSOON UPDATE IN FOCUS

Agri Commodity Tips ,  Commodity free tips  , Commodity intraday tips

Guargum June contract is likely to trade bullish for both short term and intra day at NCDEX. Short term support is seen at 11200 and resistance at 12500. Intra day support is seen at 11400 and and resistance at 11750.
Guargum for June delivery was trading up 1.13 per cent to 11640 level on Thursday at India's National Commodity&Derivatives Exchange(NCDEX).
Guar failed to recover strongly on Wednesday as reports of timely arrival of Monsoon kept pressure on the prices—despite firmness in Crude Oil and Dollar
Because of lower rates, Indian export of Guargum has increased. In first 11 month of 2014-15, export rose more than 21% to 6.62 lakh tons while in same period of 2013-14 only 5.45 lakh tons gum was exported. During the whole financial year 2013-14 around 6.01 lakh ton gum was exported which was a record till now.
The govt has scrapped an incentive of 2% given for the exports of guar gum products, guar gum powder, korma and churi in new foreign trade policy-2014-15 while an incentive of 3% for direct exports of guar seed has been announced which will accelerate exports of guar seed.

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1 comments:

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