Mumbai, 14 May 2024 (Commoditiescontrol): Domestic urad prices surged on Tuesday, mirroring gains in the Burmese market, while the early onset of the monsoon season is anticipated to further drive up demand .
The uptick in urad prices in local market was due buying from exporters for fulfilling their commitments, leading to a notable increase of 35,000 to 50,000 Kyat per metric ton (MT) in Myanmar. Market sources indicate a flurry of activity, with approximately 1,400 containers and 6,000 MT of urad set for shipment in the coming days.
Tracking gains in Burma local market CNF India market also witnessed gains of $/Mt in Buirma market and Chennai reseller market.
In Southern markets like Vijayawada and Guntur, bilty prices witnessed a substantial rise of Rs 50 per quintal, while imported prices in Chennai also registered an uptick due to robust demand amidst low arrivals.
At Indore, in business deals, the price of Urad Best Bold was quoted at Rs 8800 to Rs 9200 per quintal. Medium urad was priced at Rs 7000 to 8000 per quintal and light urad at Rs 3000 to Rs 5000 per quintal.
Summer crop arrivals are expected to increase significantly in the coming week. This, coupled with increased import arrivals, should keep domestic prices subdued in the coming days. However, the current lack of domestic supply should prevent any major price decline. The seasonal increase in demand with the onset of monsoon should also support prices.
Spot urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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