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Week Ahead: Urad to witness narrow price movement, Follow Burma CNF quotes

5 Feb 2023 3:05 pm
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MUMBAI, February 4 (Commoditiescontrol): MUMBAI, February 4 (Commoditiescontrol): Despite the availability of cheaper imported supply and slow offtake of processed Urad, prices of Burma Urad FAQ closed firm for the week ending February 04, 2023. Prices took cues from strong Myanmar CNF quotes and demand-driven mill purchases.

On the other hand, the Urad SQ variety eased by Rs 25/100Kg at Chennai on slow mills buying. Similarly, the domestic variety Urad price gained by Rs 50/100kg at Jalgaon following a firm trend in Burma Urad and mills buying to meet the immediate requirement for crushing.



At Guntur, the price of Urad polished and unpolished eased by Rs 50 each to trade at Rs 7,250 and Rs 7,150-7,200/100/kg, respectively. While branded Urad Gota, prices traded almost flat at Rs 9,300 amid limited buying interest. As per the most recent sowing report, India's 2022-23 Rabi Urad acreage has decreased by 5%, recording 7.78 Lakh Ha compared to 8.19 Lakh Ha during the same period in the previous year.




The Urad FAQ-SQ, CNF Chennai closed with a $10/MT gain in the Yangon market. Approximately 30-40 containers of New Urad FAQ were traded at $760/PMT FOB basis for immediate shipment. According to local dealers in Burma, Indian and local stockiest were buying and keeping stock in Burma. The Burmese currency Kyat fell to 2880 per dollar, down from 2875 Kyat/dollar the previous week.




As per the technical chart - Burma Urad SQ (Chennai) - More near-term weakness appears probable/we see the next support at Rs 7,000. Click here

Trend: Urad prices are likely to trade range-bound near-term as slow offtake of Urad dal will restrict mills buying at a higher rate, whereas, at lower rates, stockiest will be active considering lower Rabi acreage. However, the CNF quotes from the Burmese market, and the Rupee's exchange rate against the USD will considerably impact the overall trend of Urad pricing.



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


       
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