Mumbai, 26 June 2024 (Commoditiescontrol): Urad prices in the Burmese markets have rebounded following a significant drop on Wednesday . This recovery is attributed to increased buyer activity at lower prices, while sellers have shown reluctance to sell at these reduced rates.
The prices for SQ Urad have risen by K40,000 per MT, and FAQ Urad has seen an increase of 25,000 kyat per MT. In line with the rise in Burmese prices, CIF and resale quotes have also recovered by $15 per MT.
The price situation in major consumption centers presents a mixed picture. Chennai has reported a rise in prices by Rs 50-150 per quintal, whereas prices in Guntur and Vijayawada have remained stable to weak. Notably, the southern regions have experienced a significant fall in prices, ranging from Rs 500-700 per quintal over the last 10-12 sessions due to low demand. Sources indicate that the arrival of summer crops and a consistent supply from Myanmar are exerting downward pressure on prices.
Domestically, the outlook for Urad prices remains positive following a recent correction. The limited stock within the country, coupled with traders and stockists holding inventory well below the permissible stock limit, has contributed to this optimism. These buyers are actively participating in the market, while sellers continue to be reluctant to offload stock at lower prices. This dynamic is expected to strengthen Urad prices in the near term.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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