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Week Ahead: Limited downside in Tur prices; may find support at lower level

27 Nov 2022 5:13 pm
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MUMBAI, 26 Nov (Commoditiescontrol) - Prices of imported Tur (Burma & Africa origin) along with domestic variety continued to trend lower during the week ended 26th Nov 2022, their fifth straight week of fall, amid thin mill buying, and consistent supplies from Africa.

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 on some agri commodities.

Overseas supplies have continued during the week and more shipments will be hitting Indian ports in the near terms.

Vessel M V PAN JASMINE from Africa discharged 24,713 MT till 25th Nov at Mumbai port. Vessel carrying 26,945 MT Mozambique Tur.

Vessel M V PH MINH GIANG from Africa also discharged 7,913 MT till 25th Nov at Mumbai port. Vessel carrying 18,898 MT Mozambique Tur.

Vessel M V JAOHAR UK carrying 26,715 MT Mozambique Tur arrived and got berth at Mumbai port.

Vessel M V SUZANNA D carrying 33,000 MT Mozambique Tur is expected to arrive at Mumbai port on 30th November 2022.

Due to the increase in shipments Tur prices have charted lower. Price of all varieties Africa Tur extend decline by Rs 150-200/1000Kg.

Also, domestic variety Tur at Akola market bilty basis price extended fall by Rs 200/100Kg following imported variety and also offtake in Tur dal reported sluggish.

Imported Tur dal prices slipped for the fourth straight week by Rs 100/100Kg. Domestic Tur dal also traded lower by Rs 200-350. Tur dal offtake was negligible. Moreover, processed Tur arunlikely to sustain higher prices due to the availability of Africa Tur processed pulses at cheaper rates and also cheaper vegetable prices during winter.






At the Yangon market, prices of the Tur Lemon variety gained by $10 to $850 per ton on a CNF Chennai basis on India buying. At prevailing CNF rates and exchange rates landed cost of Tur at Indian ports was at Rs 7,125/100kg. Around 10-20 containers of Tur Lemon variety been traded at $820 per MT on FOB basis. Morever, sellers were inactive in Tur. New upcoming crop in December end expected to be less compare to last year due to less sowing. The availability of Tur stock was reported at 10,000-20,000 tonnes.



Trend: Fall in Tur price continued for fifth straight week due to consistent cheaper supply from Africa despite Nafed procured 35,000 MT imported Tur for buffer stock at fixed based price. 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 on some agri commodities. Moreover, low quantity new domestic arrivals seen at Gujarat-Karnataka. Meanwhile, offtake in Tur dal was negligible due to cheaper vegetable prices during winter and availability of Africa Tur processed pulses at cheaper rates. However, Tur prices may find some support as demand in Tur dal expected at lower rates because of civil supply govt tender and monthly retail counter. Harvesting of new domestic Tur likely to begun from December mid and will pick up pace by Dec end-Jan 1st week at Karnataka-Maharashtra (Marathwada). Market particpiant were keeping a close watch on weather in Karnataka as there is cloudy weather conditions & forecast of rainfall by IMD. Market experts do not see much fall in new domestic Tur despite of increase in arrival pace by January as pipeline is empty. Burma Tur price at Chennai dropped 2.81% on weekly basis, down 7.05% for the month, but up by 19.4% annual basis. On a monthly trend, Tur desi (Akola) price eased 7.45%, weekly basis down by 2.61%, and on annual basis up by 18.73%.

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


       
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