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Week Ahead: Masoor price may continue to move lower on consistent overseas supply

26 Nov 2022 10:10 pm
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MUMBAI, 26 Nov (Commoditiescontrol): Prices of both, Imported-domestic variety Masoor, slipped lower during the week ended 26th Nov 2022, their fourth straight week of fall, on thin mills activity, ample overseas supply and government agencies actively liquidating imported Masoor.

Vessel M V SSI DILIGENT carrying about 33,500 tonnes of Canada Masoor arrived at Hazira Port & started discharging.

Similarly, prices of Masoor dal processed from Canada-origin and domestic variety at Katni dropped each in range of Rs 50-125/100Kg, respectively on dull trade.



CNF quotes of Canada Masoor for India remain unchanged.



India 2022-23 Rabi Masoor acreage was up 3.69% (compared to the same period last year) as of Nov 25 at 11.23 Lakh Ha Vs 10.83 Last Year.



International market update

Australia lentil markets remain exceptionally volatile, with short terms needs among exporters remaining the primary influence. Worries about this year's production levels and quality continue to linger, but there is less pessimism over the country's ability to find outlets for off grade product because of the lower asking price.

As per technical chart - Mumbai Canada Masoor - More near term weakness may lie ahead, we see next support at Rs 5,800. Click here

Trend: Masoor price may remain under pressure on thin mill activity, consistent overseas supply from Canada-Australia, increase in sowing area, government agencies actively liquidating imported Masoor. India traders and importers along with Canada exporters will keep watch on the Australian crop loss due to adverse weather. Market participants will be keeping a close watch on Rupee currency and sowing acreage this year. As per market expectation, India should buy around 6,00,000 to 10,00,000 MT. At the current pace of Indian import, there is a limited scope of price appreciation for Canada origin Masoor from the current level in CNF terms due to higher production. Canada Masoor's price in Mumbai decreased by 5.88% in a month, down by 1.54% on a week and 11.11% on a annual basis, respectively.

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


       
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