Mumbai, 23 May 2024 (Commoditiescontrol): Matar prices maintained stability cross major consuming centers on Thursday in bilty trade, barring a notable exception in Kanpur where prices increased by Rs 25 per quintal for the second consecutive session. Traders attribute this uptick to the rising prices of chana, which exerted upward pressure on Matar rates in the region. However, despite this isolated increase, adequate supply levels ensured stability across most consuming centers.
In mandi trade prices remained largely steady, with the exception of Orai and Mauranipur. Orai, in particular, stood out as prices traded at a discount compared to nearby markets. Local sources revealed a Rs 50 per 100 kg price recovery in Orai, still it remains as the most economical market in the surrounding regions.
Meanwhile, on the global front, imported pea prices witnessed a slight downturn. CIF prices in Mumbai and Russia dipped by $3-5 per metric ton from the previous session. Canadian origin peas were quoted between $492 to $500 per MT, while Russian origin peas ranged from $475 to $480 per MT, marking a $5 per MT decrease.
Notably, Canadian yellow pea track prices experienced a marginal softening, settling at $425-430 per MT DAF Vancouver for June/July shipments. However, optimism surrounds new crop values, holding steady at $385 per MT for August/September shipments, with recent trades reaching highs of $390 per MT.
In Bilty trade, Canada-origin yellow peas increased by Rs 25 to Rs 4,175 per 100 kg at Mumbai port. Similar gains were noted for UP/MP line yellow peas in the Kanpur market.
Matar prices remain steady due to limited supply both domestically and from overseas. Stockists and importers are holding onto their inventory, anticipating potential government intervention. There are indications the government may purchase matar for its buffer stock, similar to its actions with masoor dal. This could temporarily support prices in the near term, but significant price increases are unlikely. The upcoming harvest in Canada and Russia by August/September will likely increase competition for market share in Indian imports. This influx of new crop matar could lead to further price drops, subsequently affecting domestic prices as well.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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