Mumbai, 07 Oct 2024 (Commoditiescontrol): Urad prices maintained a firm trend on Monday, driven by increased buying from mills amid heightened festival demand, both domestically and in international markets. Despite limited interest due to the arrival of the new crop with high moisture content, the overall sentiment remained strong.
In Myanmar, renewed buying interest boosted prices for both Fair Average Quality (FAQ) and Superior Quality (SQ) varieties. The SQ urad price surged by K45,000 to reach 4,230,000 kyats per metric ton, while the FAQ variety rose by K20,000 to 3,840,000 kyats per metric ton. In the Cost and Freight (CNF) India market, prices followed the upward trend, with both SQ and FAQ varieties increasing by $20 each, ending at $1,090 and $995 per metric ton, respectively. Meanwhile, there were no new price quotes from Chennai's resale market.
In India, imported urad prices also trended higher. In Chennai, FAQ prices rose by ₹75, reaching ₹8,350 per quintal, while SQ prices gained ₹150 to settle at ₹9,225 per quintal. In Delhi, the prices for both varieties climbed by ₹50, with FAQ quoted at ₹8,675 and SQ at ₹9,550 per quintal. Mumbai recorded a ₹75 increase for FAQ, trading at ₹8,475-8,500 per quintal, while Kolkata saw a rise of ₹50, with prices reaching ₹8,500-8,550 per quintal.
The All Expenses Paid (Bilty) segment experienced mixed price movements. Prices in Guntur and Vijayawada markets increased by ₹75, while Indore and Jalgaon remained stable. Jaipur saw a decline of ₹100, whereas Chandausi experienced a ₹50 rise. Mandi trades across various regions remained steady, with Split Black Matpe (Urad Dal) markets showing stability, except for a firmer tone in Guntur and Jodhpur.
The 2024 Kharif season saw a slight decline in urad cultivation, with planted area down by 1.87% to 30.73 lakh hectares as of September 20. On the import side, urad shipments surged in August, totaling 68,500 metric tons (MT), up from 48,750 MT in July, with Myanmar contributing 60,000 MT and Brazil supplying 8,000 MT.
Looking forward, prices are expected to gain brief support as Navratri boosts demand. However, this uptick may be temporary, with post-Dussehra demand likely to wane. Coupled with the anticipated increase in new kharif crop arrivals, urad prices could face downward pressure in the coming weeks.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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