Mumbai, 07 Oct 2024 (Commoditiescontrol): Lemon Tur (pigeon pea) prices remained unchanged in Burma's local market on Monday, with limited trading activity. However, Cost and Freight (CNF) quotes for the variety continued to decline as they sought to align with Indian spot prices. Despite this downward trend, prices still need to drop further to make imports into India feasible. The decline in CNF rates was primarily attributed to market participants closing their long positions on October forward contracts.
In India's domestic market, Lemon Tur mirrored the downward movement seen in Desi and African Tur varieties, driven by weak demand from mills. In Mumbai, both Sudan and Lemon varieties saw a reduction of ₹100 per quintal, while Matwara and Mozambique White remained steady. Gajri Tur prices dropped by ₹100, whereas Dodoma varieties remained stable. In Delhi and Chennai, Lemon Tur prices held firm, with limited trading due to low stock availability.
Meanwhile, Tanzanian Tur, set for October shipment, held steady at $805 per metric ton CNF Navasheva, equivalent to ₹7,010 per quintal. Reports suggest that the current season's supply from Mozambique and Tanzania is depleting, which could slow down availability in the coming days. However, similar reports have been circulating since the season's start, citing lower crop yields and potential supply disruptions. Despite these claims, supply has remained normal, and the impact has yet to be reflected in prices, with forward shipment rates from these origins continuing to decline.
Tur International Prices In Key Indian Markets:
In Maharashtra’s Bilty trade, stockists continued selling, leading to a ₹25 drop in Akola and a ₹100 fall in Nagpur, while Latur saw a ₹50 increase. Prices remained stable in Solapur. Madhya Pradesh markets were mixed, with Indore maintaining a steady tone and Katni seeing a ₹50 dip.
Spot Raw Tur Bilty And Mandi Prices In Key Indian Markets:
In Mumbai, imported tur dal prices continued to fall, and Desi tur dal prices dipped in Katni, Nagpur, and Mumbai. Other markets, such as Akola, Gulbarga, and Latur, reported steady prices.
Spot Raw Tur Dal Prices In Key Indian Markets:
Tur prices have failed to pick up during Navratri as anticipated by the trade, signaling a significant slowdown in demand. This could be attributed to cautious buying by mills, possibly due to expectations of a bumper Kharif crop or demand destruction caused by high prices. Over the past two months, imports have totaled around 100,000 tons, including supplies from Africa. Despite limited domestic supply, the market has struggled to find support, indicating either significant slow down in demand or an underestimation of domestic Tur stocks.
In the near term, the market may remain volatile due to the settlement of October shipments for Lemon Tur. Market activity is likely to slow further post-Dussehra as the festive season continues to impact trading. However, demand is expected to rebound after Diwali, spurred by the wedding season. Despite this, any potential price gains may be capped by the availability of lower-cost African Tur and the expected arrival of the Kharif crop.
(By Commoditiescontrol Bureau; +91-9820130172)
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