Mumbai, 25 Apr 2024 (Commoditiescontrol):Matar prices across India's major mandis remained stable despite a reported decrease in domestic arrivals. Market analysts attribute this stability to a plentiful supply of imported matar, which is restricting upmove in doemstic matar price despite decrease in arrivals.
White matar prices held steady as the ample availability of imported matar limited any potential price increases for the domestic product. On the other hand, green matar prices were mostly unchanged except in Mahoba, where a surge in buying activity pushed prices up by Rs 300 per quintal. Local traders indicated that Mahoba prices were initially lower than nearby markets, leading to the adjustment. However, Mahoba continues to offer the most competitive green matar prices in the region.
Concurrently, Canadian yellow pea import costs (CIF) for delivery to Mumbai remained within the $520-525 per MT range, while Russian imports hovered around $500/MT.
Analysts predict matar prices will likely stay within a relatively narrow range in the immediate future, potentially trending slightly downwards. This price stability stems from a balance between healthy import supplies and robust domestic demand resulting from lower harvests of other pulses like tur and chana.
However, a potential extension of the government's duty-free import policy for matar beyond June 30th, combined with anticipated new crop supplies from Canada and Russia beginning in September, could apply downward pressure on prices.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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