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Burma Urad prices extend rise in Chennai/Delhi/Mumbai on mill buying

28 Jun 2022 2:56 pm
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Mumbai, 28 Jun (Commoditiescontrol): Burma Urad prices advanced further at Chennai, Delhi and Mumbai markets helped by better mills buying, traders said.

Lower imported ready stock and slowdown in imports due to the import disparity as Rupee depreciated to 78.74 against US dollar, ensured prices maintain upward trajectory.

Meanwhile, pulses sowing acreage has shrunk in India, as per the latest report. The decline in acreage was caused by delayed monsoon. Also, it is observed that farmers decided to shift to other crops such as cotton and soybean as they offer better return.

The monsoon has advanced in producing belts but is still below expectation. We could see some recovery if monsoon improves in Urad growing belts. Urad sowing window is open till mid of July. But it seems difficult that acreage will reach last year's level.

Most markets were closed due to Amavasya or no moon. Prices of polish-unpolish Urad increased by Rs 150-200/100Kg at both Guntur-Vijaywada on better purchase following the price rally in Chennai Market.

In forward business at Chennai, Urad FAQ is priced at Rs 7,550/100Kg for August delivery. Urad SQ is priced at Rs 8,475 for August delivery.

At Burma, Prices of Urad FAQ-SQ ruled unchanged each at $940 & $1040 per MT on CNF basis.

Traders informed that Indian buyers remain on sideline as they were cautious in purchasing Urad at higher rates. They await monsoon progress, which has picked up lately, but sill below expectation.

Indian buyers have already purchased Urad FAQ variety in the range of $800-$832 on FOB basis in ready business & FAQ $850-870- SQ $950-970 for July delivery and hold stock in Burma itself due to slow monsoon progress in India, traders informed earlier.

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

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

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