Tur Prices Weaken Amid Increased Supply and Weak Mill Demand

Mumbai, 16 Sep 2024 (Commoditiescontrol): Tur prices in domestic markets were steady-to-lower on Monday, driven by increased selling pressure and sluggish demand for processed tur. The arrival of new African tur crops at significantly lower costs compared to prevailing spot prices is adding downward pressure. As more shipments arrive, spot prices are aligning with these lower forward rates.

In Burma, Lemon Tur prices remained stable, though Cost and Freight (CNF) prices for India dropped by $5, and the Chennai resale market also reported a decline. In Mumbai, imported tur showed a largely steady trend, but domestic Desi Tur weakened in bilty trade, with some markets closed for holidays. Amravati saw a price fall, while other markets remained steady.

Stockist buying at lower levels supported Lemon Tur prices in Myanmar. CNF prices for Indian ports eased by $5, with limited market activity. In Mumbai, Burma Lemon Tur fell by ₹100 per quintal, while African tur from Matwara and Sudan held steady. The landed cost of African Tur from Mozambique and Tanzania, expected to arrive between September and October, is between ₹7,600 and ₹7,800 per quintal, much lower than current spot prices.

Tur International Prices In Key Indian Markets:


In Maharashtra, Desi Tur prices saw a downturn in bilty trade, driven by stockists offloading supplies in anticipation of upcoming African Tur arrivals. Millers are maintaining substantial inventories of Tur and Tur dal, approaching the market with caution. The demand for Tur dal remains subdued, with buyers opting for need-based purchases only. Notable price declines were recorded in Latur, Nagpur, and Akola, whereas prices stabilized in Solapur. In mandi trade, prices generally held steady, with the exception of declines in Amravati and Rajkot.

Spot Raw Tur Bilty And Mandi Prices In Key Indian Markets:


Tur dal prices have stabilized after recent declines, with mills aiming to reduce their inventories ahead of the anticipated influx of African Tur.

Spot Raw Tur Dal Prices In Key Indian Markets:


Trade estimates suggest a tight domestic supply, yet the substantial decline in prices may indicate that stocks are underestimated. Moreover, landed cost of African tur still remains below the current domestic spot price inidcating a further decrease of up to 200 per quintal seems likely before a bottom is established.

(By Commoditiescontrol Bureau; +91-9820130172)