Mumbai, 24 June 2024 (Commoditiescontrol): Urad prices have resumed their downward trend, influenced by recent stock limits imposed on other pulses. The anticipation of weak demand from India caused the Burmese market to reverse its previous gains, with SQ urad prices dropping by Kyat 85,000 per metric ton (MT) and FAQ urad prices falling by Kyat 50,000 per MT. This downturn in the Burmese markets led to a $10-15 per MT decrease in both CIF and resale quotes.
In major consumption centers, Urad prices have once again started to fall, reversing the brief respite seen in the previous session. Prior to this, Urad experienced a prolonged decline over 7-8 sessions due to weak buying activity at lower price levels. Prices in southern regions have decreased by Rs 125 per quintal. Market sources indicate that the arrival of the summer crop and consistent supply from Myanmar are contributing to the depressed prices.
Looking ahead, domestic Urad prices are expected to remain under pressure. Although summer crop arrivals are declining, significant further price reductions are unlikely.
On Friday, the government imposed a stock limit on pulses, specifically mentioning Tur, Chana, and Kabuli Chana. This policy may negatively impact market sentiment for pulses overall, including Urad.
In summary, while the government's stock limit policy introduces some uncertainty and could reduce speculative interest, Urad prices are expected to remain relatively steady. The limited supply in the domestic market is likely to sustain prices until the arrival of the new Kharif crop.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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