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Week Ahead: Urad price movement will depend on Myanmar’s CNF quotes

27 Nov 2022 2:49 pm
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MUMBAI, 26 Nov (Commoditiescontrol): Burma Urad prices extended decline for the week ended on 26th Nov 2022, tracking weak Burma CNF quotes and cheap freight charges. Further, thin mills' buying due to the below-expectation offtake of processed Urad, cheap supplies from Burma at regular intervals, and the new Kharif domestic arrivals have all added the pressure.

Sentiments dampened as Income Tax officials conducted surprise searches on major suppliers of pulses to PDS shops in Tamil Nadu on 23rd Nov, 2022 and also Govt Mulling to impose MIP (Minimum import price) on some agri commodities.

Moreover, Nafed Imported Urad Buy auction is suspended. No auction listing till further instruction.



India 2022-23 Rabi Urad acreage was down 4.3% (compared to the same period last year) as of Nov 25 at 2.45 Lakh Ha Vs 2.56 Last Year.



At Guntur, Urad polished and unpolished widened losses each by Rs 350 at Rs 7,300/100kg and Rs 7,300, respectively. Similarly, prices of branded Urad Gota also declined by Rs 400 to Rs 9,400.

At the Yangon market, the Urad FAQ-SQ varieties extend fall by $10-$40 each on a CNF Chennai basis as sellers were active in market. Burmese currency remained unchanged at 2900 Kyat/dollar.



As per technical chart - Burma Urad FAQ (Mumbai) - More near term weakness appears probable/ we see the next support at Rs 6,600. Click here

Trend: Urad prices continue to feel pressure due to consistent fall in Burma CNF quotes as sellers were active. Also, Nafed suspended Imported Urad buy auction till further instruction. Meanwhile, buyers were also inactive in purchasing new domestic kharif Urad following weak trend in imported Urad. Urad prices will continue to track CNF quotes of the Burma market and the Rupee’s movement against the USD. Prices may get support at lower rates due to need-based buying as demand for processed Urad expected to rise during the winter season. On a monthly trend, Burma Urad SQ price at Chennai decreased by around 7.95%, weekly basis down by 3.22% and on annual basis drop by 1.31%.

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


       
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