Mumbai, 08 Oct 2024 (Commoditiescontrol): The Matar (pea) market continued to show a steady-to-weak trend on Tuesday, pressured by declining chana prices. Domestic varieties held stable, while prices for imported peas softened in key domestic markets.
Desi Matar prices remained unchanged as stockists held back on purchasing, anticipating further price declines with new crop arrivals from Canada and Russia. Sellers, on the other hand, were reluctant to offload high-cost inventory at lower rates. Stockists are optimistic that demand will pick up during the upcoming Navratri festival, potentially boosting sales.
In major trading hubs, Desi Matar prices held steady, with Kanpur seeing a ₹25 dip for Matar from Madhya Pradesh and Uttar Pradesh. In Mumbai, Russian-origin peas remained stable at ₹3,550 per quintal, while Canadian-Russian mixed peas eased by ₹50 per quintal.
Local mandi activity remained muted, with no quotes available from markets in Orai, Mahoba, Konch, Rath, and Jhansi. Prices in Lalitpur and Mauranipur held steady, while green pea quotes were absent from major trading centers.
India's Matar imports dropped to 63,000 metric tons (MT) in August, down from 76,000 MT in July. Ukraine was the largest supplier with 33,000 MT, followed by Canada with 14,000 MT, the U.S. with 7,500 MT, and Russia contributing 4,700 MT. Data from the Canadian Grain Commission (CGC) revealed Canada exported 10,900 MT of field peas in August, up from 2,500 MT in July, though still significantly below the 70,200 MT exported in August 2023.
Looking ahead, Matar prices are expected to remain stable, supported by rising demand ahead of Diwali and the wedding season in November. Internationally, steady prices for new-crop Matar, driven by strong demand, are likely to lend support to the domestic market. Traders are monitoring global price trends and import volumes closely, particularly with India's duty-free import window for Matar open until December 31.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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