Mumbai, 2 May 2024 (Commoditiescontrol): Prices for desi matar (peas) declined in the Uttar pradesh market on Thursday, both in bilty and mandi trade . Mandi prices dropped by Rs 50/quintal in select markets. Green matar prices, however, held steady at higher levels as a result of tighter supplies.
Market sources attributed the declining prices to lower demand in consuming areas and a drop in chana (chickpea) prices weighing on the overall market.
Meanwhile, Canadian yellow pea (CIF) prices for Mumbai delivery were quoted in the range of $505-515 per MT, while Russian prices held stable at $485-495 per MT for prompt delivery. Both markets saw a decrease of $5 per MT compared to the previous trading session.
Matar prices are likely to stay within the current range in the near future. Although prices have seen a significant decline from the start of the season due to imports and domestic crop arrivals, room for further decreases appears limited.
A tight global balance sheet, caused in part by India's large imports, reduces the chance of major international price drops until new crop arrivals in Russia and Canada which is expcted to begin in September. However, the plentiful supply of imported matar in domestic markets will likely prevent any substantial price hikes.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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