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Week Ahead: Need-based buying of good quality Moong will support price

5 Feb 2023 4:31 pm
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MUMBAI, February 04 (Commoditiescontrol): Moong prices traded almost unchanged during the week ended February 4 2023, due to thin mills buying at higher rates and slow offtake in Moong dal.

At the Jaipur market, Moong traded steady at Rs 6,600-8,100/100 kg as per the condition. Similarly, the Moong of Rajasthan origin also ruled steady, trading in the range of Rs 8,100-8,300/100Kg depending on quality, at Delhi's Naya Bazaar market.

Due to slow offtake, the price of Moong dal in Jaipur extend fall by Rs 300, trading at Rs 8,500-9,200/100Kg.

As of February 3, the acreage planted in Rabi Moong in India during 2022-23 was at 6.76 Lakh Ha compared to 5.13 Lakh Ha last year for the same period . Which indicates i a rise of 31.77%.

As per technical chart - Desi Moong (Jaipur) - More near term upside probable / we see next resistance at Rs 8,225 followed by Rs 8,500. Click here

Trend: Moong price may find support at lower rates due to need-based buying of superior quality produce from mills. Sellers of good quality Moong at lower rates continue to stay inactive. Supply position of good quality is likely to remain tight till the arrival of the Rabi crop, which could keep the price firm till that time. On the other hand, Nafed’s regular selling old procured Moong in Madhya Pradesh at lower rates will keep prices in check.

(By Commoditiescontrol Bureau; +91-9820130172)

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