Mumbai, 18 Mar 2024 (Commoditiescontrol):Domestic markets in India saw minor declines in both Burma and Desi Urad prices, influenced by losses seen in the Yangon market due to stockist selling activity. These declines were reflected in local and CNF (Cost and Freight) India trade.
Burma Urad prices (both FAQ and SQ varieties) were generally steady across most markets, with a marginal decline noted in Delhi. Desi Urad prices displayed weakness in major production centers, but remained stable in consuming centers.
Reduced market activity is attributed to upcoming Holi holidays, financial year-end considerations, and the completion of demand stocking for Holi and Ramadan.
Subdued demand from buyers has weighed on Burmese Urad prices, consequently impacting CNF and Indian import markets. Imported market prices in India declined by Rs 25-50 per quintal, with CNF prices for SQ variety Urad falling by USD 15 per MT.
Urad prices are likely to stabilize in the coming days, as pressure from Rabi crop arrivals lessens. Demand for summer sowing will support prices. However, import volume and pricing from Burma will continue to significantly influence the overall market trend. While Burma's need for foreign exchange might ensure steady supply, reduced seasonal and festival demand could keep prices subdued.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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