MUMBAI, March 25 (Commoditiescontrol): During the week that ended on March 25, 2023, there was an extension of the price rally for both domestic and imported Tur in Mumbai. This was attributed to the need for immediate crushing and adverse weather conditions leading to fewer domestic arrivals and need-based mills participation.
In the Mumbai market, Burmese-origin Lemon Tur prices increased by Rs 100/100Kg due to a supply shortage from Burma and an increase in landed costs of upcoming shipments.
Domestic variety Tur prices rose by Rs 50 at Rs 8,675-8,700/100Kg in Akola in Bilty trade, where there were local and outstation need-based mills purchases and lower domestic arrivals.
However, in Gulbarga, it traded weakly by Rs 50 at Rs 8,000-8,450, based on quality, with thin mills buying support at higher rates and slow offtake in Tur dal.
At Akola and Katni markets, there was a firm trend in the prices of Tur dal. The prices of domestic Tur dal processed from the new crop Tur at Akola increased by Rs 100/quintal, and at Katni, it rose by Rs 200. However, in Gulbarga, processed Tur dal prices remained unchanged.
The prices of Tur dal processed from Burma, Sudan, and Mozambique origin increased by Rs 100/100Kg, due to need-based offtake and deep discounts to domestic Tur dal.
The Tamil Nadu government's recently awarded tender of 20,000 MT at Rs 108.43/kg may boost market sentiment in the coming week.
However, overall, the offtake in Tur dal has been slow at higher levels, which may be attributed to the shift in demand to other pulses. This is reflected in Tur dal prices, which have been underperforming raw Tur prices for a long time.
During the week, all types of African-origin Tur, including Arusha, Malawi, Sudan, and Mozambique (Gajri & white), continued to see price increases of Rs 200-300/100Kg due to heightened demand from mills looking to meet immediate crushing needs. The limited supply from Africa is due to depleted stock levels and the impact of Cyclone Freddy earlier in March. Although Sudan's fresh crop has arrived, there is no import parity due to higher prices. Additionally, heavy rainfall in the Tur-producing regions of Mozambique and Malawi has caused delays in Tur sowing.
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According to reports, sellers at the Yangon market were active and were keen to book profits before the markets close for the water festival holidays, which is set to begin on April 13, 2023. Consequently, the Tur Lemon variety saw a slight price decrease of $5 to $1010 per tonne CNF Chennai.
On the other hand, the exchange rate between the Burmese kyat and the US dollar remained stable at 2850 Kyat/dollar, the same as the previous week.
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As per the technical chart - Mumbai Lemon Tur - Trending higher / Next resistance at Rs 8,250. Click here
As per the technical chart - Burma Tur (CNF$) - A breakout above resistance at $970 may trigger another leg higher toward $1100 - Stay tuned. Click here
Trend:The prices of Tur may experience a rise in the upcoming week, owing to the Tamilnadu government's tender and a decrease in supply as the financial year ends. However, the price of Tur has already attained our projected target, and any further escalation will be reliant on the rate of supply from Burma and the rise in Tur dal prices. Since the last few months price rise in Tur dal is not in proportion to the increase in prices of raw Tur. This might be due to a shift in demand of Tur dal to other pulses. If this rally has to continue, Tur dal price should witness a smart rally from current levels.
(By Commoditiescontrol Bureau: 09820130172)
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