Mumbai, April 1 (Commoditiescontrol):The price of White Pea extended rise during the week ended April 1st due to increased demand from both, the local and outstation traders and stockiest. The empty pipeline has contributed to this trend, with multinational companies joining the buying frenzy. Further, the comparatively lower rates of White Pea compared to other pulses have further bolstered its price.
However, the prices are nearly 10% lower, a year-ago level.
In Kanpur, the White Pea quoted Rs 100 strong, resulting in the price rising to Rs 4,575-4,750 per 100 kg by the close of the week. Additionally, due to robust demand, Vatana dal increased by Rs 100 to close at Rs 5,500 per 100 kg for the week. Meanwhile, Vatana besan prices also increased by Rs 25 to Rs 3,750 per 50 kg.
International update:
China's dominance continued to widened in the global pea market. The dragon nation controls around 80% of the global trade, with over 90% of Chinese pea imports coming from Canada. This makes both sides of the trade vulnerable to risk if demand changes or other sources are found. As a result, the Canadian pea industry is trying to diversify its export destinations, while China is seeking other options, such as negotiating with Russia to lower phytosanitary barriers to allow Russian peas into China. While Russian pea production has increased in recent years, the quality advantage of Canadian peas may still give it an edge. Nonetheless, any shift in trade would pose a considerable risk to Canadian peas, particularly yellows.
As per technical chart - White Matar Kanpur (U.P line) - Positive short term trend / next resistance at Rs 5,000. Click here
Trend: As per Local traders in Kanpur, White Pea prices may increase by another Rs 200-300/100Kg, as regular buying from local and outstation traders and stockiest is likely to continue. According to the traders, the firm trend may persist until mid-April due to low stocks. However, as per local traders, despite the price rise, the current price range of Rs 4,575-4,750/100 kg is still lower than the price at the beginning of last season, which was around Rs 5,500. Moreover, White peas are likely to receive support due to its lower prices than other pulses. It is anticipated that the market will remain buoyant with the presence of multinational companies actively engaing in purchasing.
(By Commoditiescontrol Bureau: 09820130172)
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