MUMBAI, 24 Sep (Commoditiescontrol): Prices of imported Masoor, such as Canada-Australia origin Masoor eased on thin trade activity amid upcoming supplies from overseas.
On other hand, domestic variety Masoor witnessed steady to firm tone in prices, supported by mills buying at lower rates on immediate requirement for crushing.
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However, fall in CNF price quoted in the overseas market has stabilized and, on the basis of prevailing CNF rates, existing spot prices are below landed cost of imported Masoor.
Meanwhile, depreciation in Rupee to 81.25 against USD make imports costlier.
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International Market Update
Prospects for a bumper lentil crop across Australia are weighing on international bids in a thinly-traded market. Though the price has stabilised time being and it seems that the market has discounted the bumper crop in North America and Australia for time being.
Trend: Masoor prices are likely to trade steady to firm and may find support at current level in the domestic market as existing spot prices are below the landed costs of imported masoor on the basis of prevailing CNF. Moreover, fall in CNF price quoted in the overseas market has stabilized. It seems higher supplies for the current crop year is already discounted in prices for time being. Further, there should be some pick-up in demand due to the upcoming Deepawali festivals as well. Hence, it is very likely that the price may recover from the current level.
(By Commoditiescontrol Bureau; +91-22-40015513)
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