Mumbai, 22 May 2024 (Commoditiescontrol): The closure of Burmese markets due to the Full Moon Day of Kasone kept the domestic market rangebound on Wednesday. There was a slight increase in Burma SQ urad prices in Chennai, while prices remained unchanged in other markets. Similarly, Burma FAQ urad prices remained unchanged in most major markets, except in Delhi where prices decreased by Rs 50 per quintal.
Desi urad prices in the domestic market declined in bilty trade in the southern markets of Vijayawada and Guntur, where prices dropped by Rs 25 per quintal. Meanwhile, the northern market of Chandausi witnessed a decline of Rs 50 per quintal.
According to local sources, this decline follows a recent surge in prices by Rs 500-600 per quintal the previous week, prompting some traders to engage in profit booking. Meanwhile, other markets remained stable without significant fluctuations.
In major markets across Madhya Pradesh, Uttar Pradesh, and Gujarat, the arrival of summer urad has been on the rise. Prices in these regions have seen a decrease of Rs 300-400 per quintal, trading within the range of Rs 8,600 to Rs 9,200 per quintal. While the quality of summer urad in Gujarat is reported to be good, increased rainfall has resulted in higher moisture content in Madhya Pradesh's crop.
Traders indicate that the prices of new urad from the Jabalpur region are currently at a high level.
Following a robust recovery in Urad prices over the last few sessions, some downward pressure may be experienced due to profit-taking. Additionally, higher moisture content in the new Urad crop could further contribute to price pressure. However, the extremely limited supply is anticipated to provide strong support, preventing any significant price decline.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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