MUMBAI, April 01 (Commoditiescontrol): During the week ended April 01, the Canadian crimson variety Masoor and Australia Masoor prices rose in Mumbai, Mundra, and Hajira port. This was attributed to need-based mills buying and lower domestic arrivals due to festival holidays causing domestic markets to close. Additionally, higher CNF quotes from Canada and Australia supported the price rise.
In Indore, domestic Masoor prices are almost stagnated due to market holidays, whereas in Kanpur, prices increased by Rs 25/100Kg. This was due to millers doing need-based purchasing of the new crop. Furthermore, there was an increase of Rs 75/100Kg in Madhya Pradesh origin Masoor prices for Delhi delivery due to fresh buying by mills to meet the immediate requirement for crushing.
In Mumbai, the price increased by Rs 100 of Masoor dal produced from Canadian origin Masoor, to trade in the range of Rs 7,300 to Rs 7,500/100Kg due to need-based demand from wholesalers and retailers. Conversely, Masoor dal produced from domestic origin Masoor at Katni remained stagnant at Rs 6,650-7,150/100Kg.
International Updates:
US lentil growers plan to reduce the area planted by 21% to 519,000 acres in 2023, which could lead to a decrease in production from 349,000 to 222,000 metric tons if yields remain the same as compared to last year. Meanwhile, Canadian lentil exports through licensed facilities increased significantly, with 127,400 metric tons loaded for export in February, lifting bulk loadings for the marketing year to 920,000 MT compared to 414,200 MT the previous season.
As per technical chart - Canada Masoor (Kolkata) - Counter-trend Rally / Next resistance at Rs 6,200 Click here.
Trend: Due to several factors, Masoor prices may continue to rise in the upcoming week. Firstly, the CNF quotes from Canada and Australia are expected to remain high, resulting in higher landed costs and domestic prices. Secondly, the supply of imported Masoor is expected to be limited at lower rates because strong stockists holding stock of imported Masoor are less interested to sell at lower prices, further supporting the price increase. Additionally, the entry of domestic and international corporates is leading to a price rise as they anticipate a shortfall in Tur supply may lead to increased demand for Masoor and other pulses. Moreover, the possibility of an El Nino weather event this summer may cause a shortfall in the supply of Kharif pulses, leading to increased interest in building up inventory for pulses that are available in ample quantity and relatively lower prices, such as Chana and Masoor. However, despite these factors, the large Indian and international crops size may limit the upside for Masoor prices, and its medium-term prices may depend on the price movements of Tur.
(By Commoditiescontrol Bureau; +91-9820130172)
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