Mumbai, 01 Apr 2024 (Commoditiescontrol):Domestic urad prices in India have firmed, driven by rising CNF prices for Burmese urad. Markets in Andhra Pradesh remained stable, while Rajasthan and Uttar Pradesh reported a Rs 100-200 per quintal increase.
Increased demand following a recent price drop has fueled the rise in South Indian markets. Additionally, a surge in seed demand for summer sowing in Madhya Pradesh and North India is bolstering prices.
In Burma, SQ urad prices held steady, while FAQ urad prices rose. Indian importers have shown increased interest, leading to higher CNF prices in Chennai reseller markets. Buyers are reportedly purchasing for the month of April before Burmese market closed for Water fesitval, driving up prices in both Burma and Chennai CNF trade.
Further, reports of the Burmese government devaluing its currency for export proceeds have also contributed to price gains. This contrasts with earlier reports of a potential currency revaluation. Import market prices in India rose by Rs 50-75 per quintal, with resale market prices improving by USD 5 per MT.
The Indian Ministry of Agriculture's latest update indicates urad acreage stands at 2.1 lakh hectares, compared to 1.65 lakh hectares previously. Odisha accounts for a significant portion of the increase in acreage.
Urad prices in India are expected to reflect trends in the Burmese market.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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