Mumbai, 12 Mar 2024 (Commoditiescontrol):Matar prices remained steady in key domestic markets as ongoing imports and new crop arrivals balanced out robust demand.
In Uttar Pradesh's major mandis, matar prices were largely stable. An exception was Kanpur, where prices increased by Rs 50 per quintal for the UP/MP line due to bargain buying. Steady prices elsewhere were maintained by good demand, even with inferior quality and higher moisture content in some areas resulting from recent rains.
The desi matar harvest is nearly complete. The recent dry weather accelerated harvesting, but yields and quality are reportedly lower. This will likely support prices, with premiums for good quality and discounts for lower quality.
Imported matar prices are steady, with the market readily absorbing supplies. Limited downside exists for imported matar as domestic spot prices are near parity with landed import costs.
With the domestic harvest almost complete, arrivals should peak in the next few days. Further, the expected 10-12 lakh tonnes of import of matar are already factored into pricing. Considering these factors, significant downward price movement from current levels is unlikely.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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