Mumbai, 07 Aug 2024 (Commoditiescontrol): Tur prices in domestic markets have maintained a firm tone, driven by follow-up buying and heightened demand ahead of the festival season. Prices have risen by Rs 100-250 per quintal across major markets, a trend largely attributed to the upcoming festivities, according to traders.
Despite expected arrivals of 25,000 MT of Tur from Mozambique, African-origin Tur has managed to remain steady to firm. Sudanese-origin Tur, in particular, closed with gains of Rs 150 per quintal. Trade sources indicate that Tanzania has made significant changes to its crop procurement process, which could impact supply chains.
The Tanzanian government has introduced new regulations prohibiting direct purchases from farms or collection centers. Under the new rules, agricultural produce must be sold exclusively through government-authorized e-auctions. These regulations are expected to increase procurement costs for exporters, with a fixed charge of TZS 186,000 per metric ton (MT) and a 3% district cess. Such costs may render exports to India unviable at current Indian prices. Consequently, the supply of Tur from Tanzania is expected to be delayed by two to three weeks, according to trade sources.
In Myanmar, Tur prices rose by K100,000 per MT, while CIF (Cost, Insurance, and Freight) prices remained stable. However, resale prices saw a downtrend of $5 per MT, reflecting mixed sentiment in the market.
Domestically, lemon prices exhibited significant volatility. Prices initially surged by Rs 150 per quintal but later retraced, with Mumbai and Chennai markets closing unchanged and recording a Rs 50 per quintal decline, respectively. In contrast, Delhi saw a robust increase of Rs 250 per quintal, reflecting the varied demand dynamics across different regions.
Tur International Prices In Key Indian Markets:
In the domestic markets, Desi Tur prices continue to rise in both bilty and mandi trades as buying interest picks up at lower levels, driven by limited stock availability. The market's heavy reliance on African imports, coupled with increasing uncertainty about African supply, is likely to compel millers to cover their needs with Desi Tur, which is already in short supply.
Tur dal prices have also seen an uptick, with dal prices rising by Rs 100-200 per quintal across markets. Desi variety tur dal advanced in Akola, Katni and Latur as demand has strengthened in recent times.
Spot Raw Tur Dal Prices In Key Indian Markets:
Tur prices are expected to remain highly volatile in the near term due to a confluence of factors. While the strong outlook for the upcoming kharif crop may exert downward pressure on prices, conflicting reports from Africa and the new procurement regulations in Tanzania could drive up Tanzanian-origin Tur prices and disrupt supply chains. Additionally, the increasing influence of La Niña raises concerns about excessive rainfall in key Tur-growing regions, further complicating the market dynamics. The uncertainty surrounding the continuation of duty-free imports of matar also adds another layer of complexity. These combined factors are likely to sustain significant volatility in the Tur market in the coming months.
(By Commoditiescontrol Bureau; +91-9820130172)
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