Mumbai, 10 Aug (Commoditiescontrol): Burma Urad remained weak at major markets, such as Chennai, Mumbai, Kolkata and Delhi amid thin mills trade as offtake in Urad dal witnessed slack while weak cues from Burma market weighed on trader sentiment.
Moreover, supply from Burma is likely to increase due to the devaluation of the Burmese currency which makes the Burma export cheaper in Us dollar terms.
Last week, Burmese currency experienced huge fluctuation, which continues to restrain traders from entering into large deals for now. Lack of clarity on trade settlement is also weighing on trade sentiment. As per unconfirmed source the government working on trade settlement formula. As per the market grapevine, they are looking at 65:35 for price settlement, which means 65% will be settled at 2100 kyat, while for balance 35% is to be settled at as high as 2650 kyat.
Given the uncertainty of kyat valuation, experts are advising caution while trading in pulses. They are unsure of the future price prospect, but recommend liquidating long position on every rise and refrain from creating fresh long position unless clarity on currency front is restored. Risk-reward is another factor they pointed to, which remains highly unfavourable.
Polish-unpolish Urad prices priced unchanged each at Rs 8,500/100Kg and Rs 8,300, respectively in Guntur markets of Andhra Pradesh. On the other hand, Urad gota variety offered weak by Rs 100 at Rs 104,00/100Kg.
At Burma, Urad SQ-FAQ quoted unchanged each at $1055 & $905 per metric ton on CNF basis for Mumbai as India buyers remain inactive.
As per local trader, availability of Urad stock approximately 3.5 lakh tonne. One direct vessel on 15th August, 2022 expected to start loading pulses for Chennai.
Spot Raw Black Matpe (Urad) Prices In Key Indian Markets:
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(By Commoditiescontrol Bureau; +91-22-40015513)
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