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Imported Urad Prices Decline In Mumbai, Up in Chennai, Steady In Kolkata

25 Jan 2020 2:05 pm
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MUMBAI (Commodities control) – FAQ New and old Urad crashes Rs 125 to trade at Rs 6675 and Rs 6525 on Saturday, In Mumbai, amid lack of buying momentum and anticipation of additional imports by Government.

In Chennai, Urad FAQ and SQ ups Rs 50 to trade at Rs 7050 and Rs 7550-7600/100Kgs, respectively. While in Kolkata, FAQ urad was quoted flat at Rs 7200-7300, respectively.

Urad prices in last two trading sessions are down roughly Rs 225-275.

According to the market participants, near-to-zero demand is the reason behind dullness in price. Traders expect the lag to continue for next 2-3 days, during which prices are likely to be range-bound.

Bullish news, however, comes from the reports that supplies from the Urad belt, Madhya Pradesh, to South India has dipped 80-90%. Unseasonal rains in M.P, U.P and Maharashtra has destroyed the urad crop in the producing belts, which will result in acute shortage of domestic supplies.

Meanwhile, Government plans to extend urad dal imports of up to 4 Lk tonnes, in view of likely domestic shortages.

As per the investigation by Commoditiescontrol.com, Government will be required to make additional import allocations, post March, to keep up with the demand.

According to market experts, the annual consumption of Urad is about 24-25 Lakh tons. Some of this demand is taken care of through kharif produce of 14-16 Lk tons and 4 lk tons of Rabi produce. Rest of the quantity is imported.

However, this time around the output is likely to be halved. Despite adding the rabi produce, imports and the old stocks to the kharif produce, total supply turns out to be under 20 Lakh tons.

This will result in demand exceeding supplies in near to medium term.

Meanwhile, Urad market eyes Jaipur High Court’s hearing scheduled for Monday, 27th January.

(Commodities Control Bureau)


       
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