Indian guar futures hit their highest level in more than a week on Tuesday and are expected to extend gains in the next trading session on lower arrivals in the spot market. The February guar seed contract ended higher 4.15 percent at its intra-day high of 5,025 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX), a level seen last on February 1.
"Guar should open higher tomorrow as arrivals are coming down," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities. Guar arrivals normally start in October and peak in December, before falling in February.
CHICKPEAS Indian chana is expected to extend gains on Wednesday on continued short-covering. Buying is advised at 3,020 rupees, for a target of 3,080 rupees, with a stop loss at 3,000 rupees, said Reddy. The April chana contract ended higher 1.17 percent at 3,038 rupees per 100 kg.
