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Week Ahead: Urad may get support on mills buying at current level

24 Sep 2022 11:12 pm
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MUMBAI, 24 Sep (Commoditiescontrol): Burma Urad witnessed a mixed trend on thin mills buying as offtake in processed Urad witnessed slow. Further buying was need-based only on the expectation of steady supply from Burma and new Kharif arrivals in domestic markets.






However, depreciation of Rupee to 81.25 against USD has made imports costlier. Moreover, NCCF has invited bids from various suppliers/importers for 2000 MT each day.

On the weather front, excessive rain at producing belt during harvesting period has damaged kharif Urad crop, affected yield & quality.

Meanwhile, new Urad arrivals contains moisture around 15-20% due to recent rain at Uttar Pradesh. As per Rajasthan based trader, production is likely to halve as yield was reported 1 quintal per bigha compare to 2 quintal per bigha last year.

At Guntur, Urad polished and unpolished ruled steady to firm each at Rs 8,200-8,250/100Kg and Rs 8,000-8,050, respectively. While, branded Urad SQ Gota traded higher by Rs 200 at Rs 101,00-102,00.

At Yangon market, the Urad FAQ-SQ varieties slide each by $10-$20 on a CNF Chennai/Mumbai basis. India buyers were active at lower rates. Around 70-80 containers of Urad FAQ variety been traded at $775-$780 per MT on FOB basis. Urad SQ priced at $930 per MT on FOB basis. Yet, no trade occured in SQ variety. Meanwhile, currency movement witnessed in the range of 3100-3200 Kyat/dollar.



India 2022-23 Kharif Urad acreage was down 3.85% (for the same period last year) as of Sep 23 at 37.75 Lakh Ha Vs 39.26 last year.



According to the Government’s first advance estimates for 2022-23, Urad production is estimated down by 5.15% at 18.4 lakh tonnes against the 2021-22 fourth estimates of 19.4 lakh tonnes.

As per technical chart - Burma Urad SQ Chennai - Traders should monitor price movement closely as confirmation of support (Rs 7,850) may trigger upmove and prices may advance towards Rs 9,000. Click here

Trend: Urad prices likely to trade firm on regular buying from mills as the pipeline is empty. Also, demand from papad manufacturing units is expected ahead of Diwali festival. Further lower acreage and crop damage will support the market in the near term. However, continuation of supply from Burma and new Kharif crop arrivals gathering pace in domestic markets will restrict major price gains.

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


       
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