Mumbai, 10 Sep 2024 (Commoditiescontrol): Matar (pea) prices traded with mixed results on Tuesday, following a firm tone in the previous session. Domestic varieties faced resistance at higher price levels, while demand for imported peas remained strong. Sellers are withholding supplies in anticipation of higher demand during the upcoming festive season, with stockists expecting prices to rise further in the near future.
In Kanpur, yellow pea prices for Russia and Canada-origin peas increased, driven by robust demand. Mumbai markets remained steady, while Kolkata saw a continued upward trend. White pea prices exhibited a mixed trend, while green peas remained largely stable across markets. However, Lalitpur saw a ₹100 per quintal drop in prices, with green peas trading in the range of ₹9,000 to ₹13,100 per quintal.
Moderate buying activity was observed in markets across West,North and East India. Meanwhile, no trades were reported in Orai, Jhansi, and Mahoba, while Rath markets held steady.
After rising in the previous two sessions, matar prices showed mixed trends today, partially due to restricted selling by stockists and exporters. A significant portion of imported pea supplies is controlled by a few major players, leading to limited availability in the market. Despite the strong demand, domestic reserves remain substantial, with an estimated 12-15 lakh tons of desi and imported peas in stock and an additional 8-10 lakh tons expected to arrive before the duty-free import window closes on October 31.
This supply is expected to meet domestic demand until the new crop is harvested in March 2025. While these stock levels may limit the potential for significant price increases, the downside risks are also minimal. The upcoming Ramadan demand, beginning February 28, 2025, is expected to provide further price stability.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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