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Week Ahead: Urad may get support at lower levels on mill buying

2 Oct 2022 4:09 pm
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MUMBAI, 1 Oct (Commoditiescontrol): Burma Urad prices declined during the week to Oct 1st, 2022, on several negative factors that have adversely impacted the commodity. Leading fron the front was thin mills buying. Further, the regular overseas supplies at Chennai port, brisk pace of new kharif Urad arrival amid clear weather and month-end settlement of forward business, all joined hands to discourage traders from taking fresh trades.



Arrival pressure was seen building on the counter. Around 1300 containers (31,200 MT) arrived at Chennai port from Sep 01-21, 2022. Each container is of 24 MT.

At Madhya Pradesh, arrival of Soybean was reported higher compared to Urad. Farmer, in this region, have shifted to Soybean this year.

However, depreciation of Rupee to 81.50 against USD has made imports costlier. Moreover, NCCF has purchased approximately 4,250 tonnes Burma Urad at average price range of Rs 7,350-7,400/100Kg.

At Guntur, Urad polished and unpolished ruled weak by Rs 200 each at Rs 8,000/100Kg and Rs 7,800, respectively. Similarly, branded Urad SQ Gota traded lower by Rs 200 at Rs 9,900.

At Yangon market, the Urad FAQ-SQ varieties extended fall by $15-$25 each on a CNF Chennai/Mumbai basis. Meanwhile, Burmese currency appreciate to 2600 Kyat/dollar against previous week closing of 3100-3200 kyat/dollar.



India 2022-23 Kharif Urad acreage was down 3.38% (for the same period last year) as of Sep 30 at 38.27 Lakh Ha Vs 39.61 Lakh Ha last year.



As per technical chart - Burma Urad FAQ Mumbai - More near term weakness probable/ we see next support at Rs 7,000 & Rs 6,750. Click here

Trend: Urad prices are likely to get support at lower rates despite regular overseas supplies and as new domestic crop gathered pace amid clear weather. Traders-millers were active in purchasing good quality with less moisture contain new Kharif Urad as the pipeline is empty and also demand from papad manufacturing units is expected to rise in coming days. Regular buying from Tamil Nadu, Raipur traders-millers seen at Lalitpur. Madhya Pradesh buyers were actively purchasing new Urad from jhansi. Buyers from Andhra Pradesh-Chhatisgarh were active at Tandur. Meanwhile, lower acreage and crop damage will emerge as a key supporting factor for prices at lower level.

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


       
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