Week Ahead: Tur may find support at lower level

MUMBAI, 28 May (Commoditiescontrol) - Both imported-domestic variety Tur prices declined last week ended to 28th May 2022 on thin mill purchase, which faced poor offtake in Tur dal, amid liquidity crunch agravating sales activity. Fresh supplies from Burma added pressure.

Tur lemon variety of Burma-origin slipped by Rs 100 at Rs 6,000/100Kg at Mumbai.

As per Technical chart report of Tur Lemon (Mumbai) given on 12th May, 2022. Tur lemon next potential support at Rs 5,800. Click here

Tur of African origins were down in the Mumbai market. Tanzania origin Arusha and Matwara varieties dropped each at Rs 5,425-5,475/100Kg and Rs 5,250-5,300, respectively. Malawi Tur was also offered lower at Rs 4,800-4,900. Mozambique origin Gajri variety also ruled weak at Rs 5,300.

Vessel M V LILA BHAVNAGAR from Burma had discharged 4,820 MT till 28th May at Mumbai port. Vessel carrying 11,292 MT Urad-Tur in bags.

In domestic markets, desi Tur prices fell by Rs 50 during the week to close at Rs 6,225-6,250/100Kg in bilty trade at benchmark market Akola.

As per Technical chart report of Tur Akola Bilty given on 25th May, 2022. A violation of support (Rs 6,300) may underpin a deeper correction towards Rs 5,400. Click Here

At Chennai, Tur Lemon variety of Burma origin ruled weak at Rs 6,000-6,025/100Kg due to slack trade.

Buyers from Delhi were less interested in the purchase of Burma Tur from Chennai due to the availability of Maharashtra Tur at cheaper rates of Rs 6,175-6,275.

In the overseas markets, Tur Lemon variety was priced firm by $10 at $860 per ton, on a CNF basis due to local activity. Meanwhile, Indian buyers were inactive due to import disparity. No vessel was reported loading for India. One direct vessel for Chennai on 28th May was reported. But, still not confirmed for pulses loading.

Trend: Tur prices likely to get support at lower rates on hopes of demand for Tur dal from the retail segment during June due to arrival of monsoon and reopening of schools. Movement of Rs 200-300/100Kg expected in near future. However, onset of this year's monsoon originally expected on May 27 in Kerala will be delayed, possible by 30 May. But overall demand in Tur prices is expected to be limited due to cheaper subsitute, such as Moong dal & Masoor dal and also purchasing power has reduced considerably due to continuous losses in the past few years due to uncertain government policies and overall financial crunch in markets. The expectation of a shift in acreage from pulses to other commodities will have a limited impact on prices as a regular flow of imported tur is expected as govt extended norms for free import of Tur-Urad till March 2023.



(By Commoditiescontrol Bureau; +91-22-40015513)