Mumbai, 27 June 2024 (Commoditiescontrol): Urad prices have risen in Burmese markets for the second consecutive session, rebounding from a recent dip benefiting from the local stockiest demand. Prices for SQ and FAQ have increased by Kyat 35,000 per metric ton (MT). Following this rise, CIF and resale quotes recovered by $15-20 per MT. Local sources attribute this surge to aggressive buying by Indian traders, spurred by dwindling summer arrivals in domestic markets and the anticipation of new crop arrivals in September/October.
In major domestic markets , Urad prices have increased by Rs 25-100 per quintal. Notably, prices in Guntur and Vijayawada rose by Rs 100 per quintal after a period of stagnation. The southern markets had experienced a significant drop of Rs 500-700 per quintal over the last 10-12 sessions, which has now led to a recovery in prices due to fresh buying at lower levels.
Sowing activity has commenced in Gujarat, Madhya Pradesh, and Rajasthan following recent rainfall in Central India and the Urad-growing regions of Rajasthan. In Maharashtra, sowing is at its peak, while in Karnataka, it is nearing completion.
Urad prices are projected to remain strong, driven by robust buying at lower price points. With summer arrivals decreasing, further price reductions are improbable. Seasonal demand is expected to rise as temperatures drop with the onset of the monsoon season, supporting the prices.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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