Mumbai, 14 June 2024 (Commoditiescontrol): The Urad market in Burmese marekts continues to witness firmprices, driven by robust demand from local stockiest. Prices for Special Quality (SQ) Urad soared by kyat 15,000 per metric ton, while FAQ (Fair Average Quality) witnessed a notable uptick of 11,000 kyat per metric ton. However, CIF (Cost, Insurance, and Freight) and resale prices faced a minor setback, slipping by $5 per metric ton due to a temporary lull in immediate demand.
Imported Urad SQ/FAQ variety in Chennai, Delhi, Mumbai and Kolkata market were depressed by low demand due to weak offtake in urad dal.
Across major consumption centers, reports indicate a predominantly subdued market sentiment, with price fluctuations ranging from Rs 25 to 100 per quintal. Notably, prices in South India, particularly in Guntur, dipped below the Rs 50 per quintal mark, whereas Vijayawada maintained stability. New Urad prices remained unchanged at Rs 8,500-9,200 per quintal, consistent with previous sessions.
The Indian monsoon has made significant progress, enveloping all of South India and a substantial portion of Maharashtra, maintaining its trajectory for the past four days. Projections suggest the monsoon's coverage to extend across the entirety of Maharashtra by mid-June. Farmers report ongoing field preparations, with sowing activities already underway in Karnataka and anticipated to commence in Maharashtra by early next week.
Looking ahead, domestic Urad markets are poised to maintain a range-bound trajectory due to limited supply and steady demand. Despite the influx of summer arrivals, significant price corrections are improbable as this supply will be readily absorbed by the market due to empty pipline.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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