MUMBAI, Jan. 28 (Commoditiescontrol): After falling for four weeks in a row, prices of 42-44 and 44-46 count Kabuli Chickpea rose sharply in Indore for the week ending Jan. 28 due to weather concerns; some export demand from Turkey; and speculative buying.The price of domestic Kabuli Chickpea varieties gained by 2100/100 kg for the week.
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This week saw a significant increase in the price of Kabuli Chickpea in Madhya Pradesh.Rainfall and cloudy and foggy weather have delayed arrival, resulting in a sharp increase in prices. Furthermore, according to market reports, exporters purchased 100-125 containers for shipment to Turkey. Aside from these factors, the entry of local speculators drove up prices.
Price of 42-44 count Kabuli Chickpeas gained by $280 at $1,765/Mt FOB for Nhava-Sheva/Mundra, while 44-46 count Kabuli Chickpeas up by the same amount to $1,740/Mt FOB for Nhava-Sheva/Mundra.
As per an Indore-based trader, prices are unlikely to fall much until the Gulfood Exhibition in Dubai, which is on 20th-24th Feb. Market tone is strong because there is an expectation of bulk demand from Algeria for Ramajan. Shippment to Algeria from India takes 45-60 days, and Ramajan starts on Mar. 23, so export orders from Algeria should come any time now.
Meanwhile, export demand at higher rates was lower. As per market talk, the crop is expected to be around 4-4.25 lakh tonne compared to 2.5-3 lakh tonne last year.
Meanwhile, sellers were active in forward trade at Rs 116,00-120,00 for March, but buyers were inactive as prices are expected to fall as new crop arrivals gather pace.
International Market Updates
Canadian chickpea prices are still rising, while prices for other pulse crops are coming down as supply increases.
As per market sources, the recent rally in chickpea prices to the awarding of tenders by the United Nations’ World Food Programme (WFP); however, international markets are closely watching India’s upcoming harvest. Global Chickpeas, especially high-calibre ones price will depend on the size of the Indian crop and how it is priced.
On Jan. 20 Agriculture and Agri-Food Canada (AAFC) released its monthly supply and demand report, projecting 2023-24 seeded chickpea area at about 259,500 acres, which would be up 10.5 per cent from 2022/23.
Trend: The Kabuli market has moved sharply this week due to export demand from turkey, delay in arrivals due to adverse weather, the expectation of orders from Algeria, and the Gulf food exhibition for Ramjan. But the upside is limited because arrivals should gather pace within a few weeks, which may bring down the prices. Keeping this in mind, it is unlikely that overseas buyer will be buying aggressively at higher prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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