India guar futures recover on export demand

MUMBAI, July 4 (Reuters) - Indian guar futures pared early
losses and ended higher on Friday on export demand for
industrial guar gum from China and the U.S., analysts said.

The futures opened lower on profit-taking after a sharp
rise in the previous session, analysts said. The most-active
September futures NGUU8 rose 2.63 percent in the previous
session.

Guar seed spot prices rose 24 rupees to 1,864 rupees per
100 kg in Bikaner, a major trading centre on strong export
buying.

Demand from Gulf countries continued for churi and korma.

Churi and korma are by-products of guar seed made during
the manufacturing of guar gum and used as cattle feed.

Two analysts said September has crossed strong resistance
of 1,950, and now there could be an upside of about 50 rupees
in next two sessions.

The combined open interest of all guar seed contracts rose
to 250,610 tonnes from 250,160 tonnes in the previous session,
while volumes fell to 235,680 tonnes from 340,920 tonnes.

Warehouse stocks of guar seed fell to 55,810 tonnes from
55,830 tonnes, while guar gum stocks stood unchanged at 4,730
tonnes. The data is delayed by a day.

Following are the closing prices of guar seed and gum
futures in rupees per 100 kg on the NCDEX <0#NGU:>.

Contract Reuters code Closing price Change in %

=========================================================

Guar seed

July NGUN8 1,873 0.10

Sept NGUU8 1,952 0.10

Guar gum

September NGGU8 4,894 0.88
(Reporting by Sourav Mishra; Editing by Harish Nambiar)