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Week Ahead: Need-base buying of good quality Moong will keep price firm

27 Nov 2022 3:30 pm
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MUMBAI, 26 Nov (Commoditiescontrol): Moong prices traded firm for second straight week at Jaipur during the week ending 26th Nov 2022 amid need-base mill buying on immediate requirement for crushing and slow down in kharif crop arrivals. Also ongoing procurement by the Rajasthan state government has extended support.However prices closed down in other major markets.

At the Jaipur market, Moong's price traded higher by Rs 50 at Rs 5,500-7,400/100Kg as per condition.

On the other hand, Rajasthan origin new Moong traded in the range of Rs 7,100-7,200/100Kg, as per quality at Naya Bazaar market of Delhi.

Processed Moong traded almost unchanged at Jaipur and Gulbarga market due to limited offtake at prevailing rates.



Pls Note - Moong prices given above in Table is of 25 Nov, 2022. As market was weekly off on 26 Nov.

As on Nov 27, 2022, NAFED has procured 25,585 MT of Moong at MSP of Rs 7,755 under PSS during the 2022 Kharif season. Maharashtra:84 MT & Karnataka 25,501 MT.

As per technical chart - Desi Moong Jaipur - Failure at key resistance (Rs 7,500)/ Next support at Rs 7,000. Click here

Trend - Need-based buying of good quality Moong from traders and millers will keep price firm. Also, slowdown in arrivals and ongoing procurement by a government agency will support price. Moreover, sellers were inactive at lower rates. However, the offtake of processed Moong was limited at existing rate. Prices may meet resistance at higher rates due to selling of old procured Moong by government agencies. On the monthly trend, Moong (Jaipur) prices eased 1.33%, weekly basis up by 0.68% and on annual basis were up by 7.25%.

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


       
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