Mumbai, 01 Oct 2024 (Commoditiescontrol): Matar (pea) prices fluctuated on Tuesday, with some markets maintaining a steady tone while others experienced a decline due to subdued trading activity. Buyers are purchasing based on immediate needs to fulfill contractual obligations, while many are holding back, anticipating a price drop as new crops from Canada and Russia arrive.
Sellers, on the other hand, are attempting to offload stocks but are in no rush, waiting for more favorable prices. They are holding high-cost inventory compared to current spot prices, leading to fewer deals being concluded. However, sellers remain hopeful for improved sales as demand is expected to rise during the upcoming Navratri festival.
Imported matar prices traded mixed across key markets. In Mumbai, Russian-origin peas eased by ₹25, settling at ₹3,575 per quintal. Similar declines were observed for Canadian-origin peas at major ports such as Mundra and Hajira. Meanwhile, desi matar from Madhya Pradesh and Uttar Pradesh held steady in Kanpur.
In mandi trades, desi matar prices showed minor fluctuations. In Lalitpur, white peas dropped by ₹25, while in Konch, prices fell by ₹30. Elsewhere, prices remained unchanged. No quotes were available from Orai, Jhansi, Mahoba, Rath, and Mauranipur. Green peas remained stable across major centers, except in Konch, where prices surged by ₹200.
India's matar imports in August totaled 63,000 metric tons (MT), down from 76,000 MT in July. Ukraine was the largest supplier with 33,000 MT, followed by Canada at 14,000 MT, the U.S. with 7,500 MT, and Russia contributing 4,700 MT.
Looking ahead, matar prices are expected to remain steady, supported by rising demand ahead of Diwali and the wedding season in November. Stable international prices for new-crop matar are likely to provide further support to the domestic market. Global price trends and import volumes will be key factors to watch, especially as the duty-free import window remains open until December 31.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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