Mumbai, 05 Aug 2024 (Commoditiescontrol): Tur prices continued to decline for the second consecutive day, following a brief recovery, as demand weakened. This downturn was exacerbated by the Consumer Secretary's recent media statement, which clarified that there are no plans to impose duties on yellow peas at this time. Additionally, the government assured that Tur imports from African origins, particularly Mozambique, will proceed smoothly. These factors prompted selling activity among stockists and traders, who are anticipating an increase in overseas supply of Tur and yellow peas.
Meanwhile, buyers have adopted a cautious stance, limiting purchases to immediate needs. This conservative approach is driven by expectations of steady supplies from Africa, increased acreage, and the continuation of duty-free imports of yellow peas, all of which diminish the prospects of a near-term price increase.
Burma's markets have remained steady, while domestic lemon Tur prices have decreased by Rs 50 per quintal. The market for African-imported Tur has also been stable, with the exception of Mozambique-origin Tur, which experienced a sharp decline. This drop is attributed to assurances from the government that imports from African origins will be managed smoothly.
Mozambique has reportedly shipped around 25,000 tons of Tur, expected to arrive by mid-August. Mozambique contributes nearly one-third of all Tur imports, so any trade disruption could significantly impact prices in an already tight market. The quality of the imported material will also play a crucial role in shaping market sentiment.
Tur International Prices In Key Indian Markets:
Bilty and mandi prices of desi tur have fallen further by Rs 50-500 per quintal due to low demand. Prices were mostly down in Maharashtra. Desi variety tur took a hit on low demand and anticipation of robust harvest. Despite being at a four-month low, demand remains weak.
Spot Raw Tur Bilty And Mandi Prices In Key Indian Markets:
Meanwhile, Dal prices in the domestic market have been reported as stable to weak, with a drop of Rs 100 per quintal in Akola, Gulbarga, and Latur. Although the market remains scarce, strong demand continues to exert pressure on prices.
Spot Raw Tur Dal Prices In Key Indian Markets
According to the Ministry of Agriculture and Farmers Welfare, kharif pulse acreage has increased by 26%, reaching 41.89 lakh hectares as of August 2nd. Karnataka and Maharashtra have reported significantly larger acreages. On the weather front, there has been less rainfall than expected, minimizing crop damage.
Despite lower domestic stocks, Tur prices have been declining as buyers remain cautious, opting for need-based purchases due to the higher prices and the anticipated arrival of supplies from African origins. Additionally, the continued duty-free import of matar is expected to drive down its prices, widening the price gap between Tur dal and matar dal, which is likely to dampen demand for Tur dal. The price trajectory of Tur up to the arrival of the Kharif crop will largely depend on the pace and quality of imports from Africa, as well as the government's decision regarding the extension of duty-free imports of matar.
(By Commoditiescontrol Bureau; +91-9820130172)
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