India guar seed touches fresh high on output drop

MUMBAI, Nov 4 (Reuters) - Indian guar seed futures touched new highs on lower output concerns after crop damage in key growing areas, analysts said.

Poor monsoon has damaged nearly 70 percent of standing guar crop in Rajasthan, which accounts for four-fifth of the country's guar acreage. See [ID:nBOM490466]

"The government data is still not out on the extent of output drop...most traders expect a 50 percent drop in output," said a trader in Bikaner.

The November guar futures contract NGUX9 touched a fresh high of 2,572 in intra-day trade.

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.

Contract Reuters code Closing price Change in %

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Guar seed November NGUX9 2,557 +0.47

December NGUZ9 2,606 +0.46