Mumbai, 12 Mar 2024 (Commoditiescontrol):Urad prices continue to decline across both Burmese and Indian markets. The downward trend in Burma, driven by increased new crop availability, subdued stockist demand, and financial pressures, is directly impacting Indian prices.
In Burma, FAQ (fair average quality) urad prices dropped significantly by 35,000 MMK/MT, while SQ (superior quality) held steady. Reflecting this, exporters are offering lower CNF prices to India: $10/MT less for SQ and $5/MT less for FAQ.
Indian markets are mirroring these declines. SQ urad saw a Rs 25/quintal drop in Chennai, while Delhi prices remained unchanged. FAQ prices dipped Rs 25/quintal in Chennai, Rs 50/quintal ($6 USD/quintal) in Mumbai, and were flat in Delhi.
Desi urad showed mixed results. South Indian markets (Guntur, Vijaywada) saw declines of Rs 50-75/quintal ($6-9 USD/quintal) on weaker demand. Indore and Jaipur prices held steady due to strong Holi festival buying.
India's reliance on Burmese imports makes it susceptible to price changes there. Burmese exporters, facing increased new crop supply and a need for foreign exchange, are expected to sell aggressively, which could further pressure urad prices downward.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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