Mumbai, 08 May 2024 (Commoditiescontrol): Matar prices have largely remained unchanged on Wednesday, due to lack of trade participation at higher level and poor demand while import disparity as well as low availability in local and overseas helped keep floor under prices.
Uttar Pradesh witnessed negligible arrivals due to weekly closures. Major consumption centers reported steady prices, except for Kanpur, where a Rs 25 per quintal decline occurred following a previous session's recovery.
Also, the recent government decision to extend duty-free Pea imports until October 31, and the removal of customs duties on Chana import weighed on sentiment, local trader said. The government's decision to axe import duty was expected to boost supplies, but imports are not viable at current domestic prices, hence, there is supply constraint for now, they added.
Matar often replace chana and other pulses during peak consumption season. However, the onset of summer does influence their consumption. In May, pulses consumption falls, which will start picking up once monsoon season starts in June.
In global markets, Canada origin
yellow pea CIF Mumbai India prices dropped by $5 per MT to $500 to $510 per MT , while Russian origin prices remained steady at $485 to $495 per MT for ready delivery.
Prices of
Russia origin peas were $450 to $460 per MT for prompt delivery, unchanged for the last couple of sessions. Vessel
M.V. Besiktas from Russia carrying 51,001 MT of
Yellow peas has reached
Mundra Port on April 25th.
Matar prices are currently subdued due to a plentiful supply of imported matar in domestic markets. Continued overseas shipments keep the market well-stocked. Additionally, weak demand resulting from a tight money market, government vigilance, and seasonally low consumption of chana (for whic matar is a cheaper substitute) and its derivatives further depresses matar demand.
However, the onset of monsoon should gradually increase chana demand, which in turn should support matar prices. Since imported matar supplies are largely controlled by a few sources, downside risk is limited. Conversely, prices should rise alongside increased chana consumption starting next month.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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