Mumbai, 10 Sep 2024 (Commoditiescontrol): Tur prices continued their downward trend for the past two to three sessions, pressured by weak mill offtake and subdued demand as buyers stayed on the sidelines. The decline was broad-based across spot markets, driven by significant drops in Burma Lemon and African Tur prices. Lower forward rates for African Tur from East Africa, which remain below current spot prices, have exacerbated the bearish sentiment, further weighing on demand.Desi Tur prices have also mirrored this downward trend, reflecting the overall softness in both Lemon and African Tur prices.
Internationally, Burmese Lemon Tur prices fell by 250,000 Kyat per metric ton, while CNF India prices from Burma remained stable. In the domestic markets, Burma Lemon Tur declined by Rs 125 per quintal in Chennai and Mumbai, while African Tur of Mozambique origin dropped by Rs 100 per quintal. The landed cost for September/October shipments from East Africa is currently between Rs 7,600-7,800 per quintal at Indian ports, significantly below current spot prices.
These lower forward quotes have prompted buyers to remain on the sidelines, engaging in only need-based purchases, which has substantially reduced demand and added further pressure on prices.
Tur International Prices In Key Indian Markets:
In Maharashtra, Desi Tur prices in bilty trade continued to fall for the second consecutive session, tracking the broader decline in Lemon and African Tur. Katni in Madhya Pradesh also saw a decline in bilty trade.
Mandi trading in Amravati, Akola, Hinganghat, and Nagpur faced price declines due to cautious mill buying and sluggish demand for Tur dal. Latur market, however, recorded gains as buyers took advantage of lower prices.
Spot Raw Tur Bilty And Mandi Prices In Key Indian Markets:
After a recent drop, Tur dal prices have stabilized due to limited buying at lower levels. Reduced demand for higher-priced desi Tur dal has been impacted by the availability of lower-priced Tur dal processed from African Tur.
Spot Raw Tur Dal Prices In Key Indian Markets:
Despite constrained availability, domestic Tur prices continue to decline, driven by weak market sentiment and lower forward quotes for African Tur. Monthly African Tur supplies are projected at around 1.5 lakh tons, falling short of the domestic demand of 3 lakh tons, given the lower domestic stocks, until the new Kharif crop begins to arrive in December. The continued price decline, despite limited stock levels, suggests potential inaccuracies in stock estimates or a decrease in demand following high prices in recent years. With uncertainty surrounding stock positions and demand, the future price outlook for Tur remains unclear.
(By Commoditiescontrol Bureau; +91-9820130172)
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