Speculators have liquidated their long position in today's trading in the wake of hefty stocks position coupled with favourable crop position in major growing states. Prices of guarseed have been plunged by Rs 5 per quintal in both spot and futures market in today's trading after hitting the high of Rs 1505 quintal.As per market sources, the total guarseed production of India is likely to be around 98-100 lakh bags , where Haryana will contribute 30 lakh bags.
Rajasthan 62 lakh bags and other ( Punjab and Gujarat )around 6-7 lakh bags. While the opening stock for the current year was at 25-26 lakh bags. Around 90000-100000 bags ( Haryana 55,000-60,000 bags , Hanumangarh and Sriganganagar around 120000-14000 bags )of arrivals are already seen in the market , which is likely to be exceed to 1.20 lakh bags in the coming days at higher levels.In today's trading, Guarseed January Benchmark Future has been slumped by almost Rs 6, quoted at Rs 1485 per quintal .
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