Mumbai, 23 Apr 2024 (Commoditiescontrol):Urad prices in key southern Indian mandis softened due to subdued demand despite lower supply. In the markets of Guntur and Vijayawada, prices eased by Rs 50 to 100 per quintal. Meanwhile, northern markets remained closed in observance of Hanuman Jayanti.
Imported urad prices generally held steady. One exception was FAQ prices in Chennai, where a Rs 25 per quintal increase was reported due to a lack of readily available stock.
Outlook: Prices Likely to Hold Support Short-Term
Urad prices are expected to maintain support in the near future. Factors contributing to this include:
Reduced Indian Production: Lower domestic harvests are tightening supplies.
Myanmar stockists are limiting the flow of urad, anticipating future price increases.
The summer crop is not expected to reach the market until late May or early June, which further reduces supply in the short term.
However, a traditionally slower summer demand may limit any sharp upward price adjustments.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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