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Burma Urad Widen Losses In Chennai-Delhi; Domestic Variety Mixed

29 Sep 2020 5:51 pm
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MUMBAI (Commoditiescontrol) – Burma Urad widened losses by Rs 50/100Kg in Chennai and Delhi on Tuesday.

In Chennai, traders were busy in settling forward trade against september month delivery.

Cautious trade was also reported in Urad at existing rates as news is making rounds in market, that government will allocate quota to millers/refineries soon due to shortage of Urad. Also government agencies have commenced liquidating old procured stock.

If the government allocates quota or gives further extension, prices in Burma market will move higher and import parity would also be higher, in that case. Urad stock in Burma was reported to be around 2.5-3 Lakh tonnes approximately.

On the other hand, new Urad traded mixed, as per quality, in major markets on thin mills' buying and ongoing arrivals.

However, no arrival pressure of new crop has been witnessed yet.

Polished-unpolished urad declined Rs 300-400/100Kg at Vijaywada and Guntur market of Andhra Pradesh amid dull millers' trade activity following weak cues in imported Urad and ongoing new kharif arrivals.

Meanwhile, Southern and North Indian millers are waiting on the sidelines for making purchases from Maharashtra.

As per market view, profit booking at higher rates cannot be ruled out. However, prices are likely to get support at lower rates due to no overseas supply pressure, damage to yield and quality of domestic Urad, fresh hike in MSP by the government despite report of higher kharif output in the country this year and record production estimates.

Spot Raw Black Matpe ( Urad ) Prices In Key Indian Markets:

(By Commoditiescontrol Bureau; +91-22-40015513)

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