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Week Ahead: Urad price movement will depend on Burma’s CNF quotes & mills buying

28 Jan 2023 8:48 pm
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MUMBAI, January 28 (Commoditiescontrol): Prices of both Burma and domestic Urad gained support at lower levels and managed to close higher for the week ended January 28 2023. Firm Myanmar CNF quotes, limited ready stock of imported Urad, and need-based mill buying for crushing purposes due to good consumption demand all contributed to price increases. However, a consistent supply of cheaper Urad from overseas capped the gains.


As per the most recent sowing report, India's 2022-23 Rabi Urad acreage has decreased by 4.65%, recording 7.17 Lakh Ha compared to 7.52 Lakh Ha during the same period in the previous year.


At Guntur, the price of Urad polished and unpolished registered an increase of Rs 100 each and closed at Rs 7,300 and Rs 7,100 per 100/kg, respectively. Mills' buying was only need-based to meet immediate requirements. Moreover, branded Urad Gota prices registered an increase of Rs 200 and closed at Rs 9,300-9,350 amid fresh buying interest. In the Yangon market, the Urad FAQ-SQ, CNF Chennai closed with gains of $30/MT. The Burmese currency Kyat depreciated to 2875 per dollar compared to the previous week's 2870 Kyat/dollar closing.





As per the technical chart - Burma Urad FAQ (Mumbai) - More near-term weakness appears probable/we see the next support at Rs 6,150. Click here

Trend: Urad prices managed to close higher this week due to firm Burma CNF quotes and limited ready stock of imported Urad despite consistent cheaper overseas supplies as there is good consumption demand. Moreover, the latest sowing report, which indicated that the sowing of Rabi Urad has decreased by 4.65 per cent compared to the last year, was supportive of the market. However, the below-expectation offtake of Urad dal, consistent cheaper supplies of urad from abroad and arrivals in Andhra Pradesh, which are expected to continue until March, will restrict any major gains in Urad prices from the current level. Moreover, the CNF quotes from the Burmese market, and the Rupee's exchange rate against the USD will significantly impact the overall trend of Urad prices.

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


       
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