Mumbai, 02 Jul 2024 (Commoditiescontrol): Among pulses, Urad faces peculiar situation, with prices in India - the major consuming nation - trending lower due to weak buying activity while Burma markets - the major supplier to Indian markets - are turning higher helped by local buying.
In fact, Urad prices in Burmese markets have bounced back after two sessions of weakness, with Super Quality (SQ) and Fair Average Quality (FAQ) prices rising by K25,000 per MT. However, this increase did not translate to higher CIF and resale quotes, which remained unchanged for lack of buying support from Indian buyers.
In contrast, prices in major Indian consumption centers, such as Vijayawada and Guntur, fell by Rs 50-100 per quintal, indicating a mixed market trend. Sources suggest that continuous supply from Burma and the summer crop are exerting pressure on prices, while increased acreage is also weighing on prices in major markets.
Despite the recent decline, domestic Urad prices are anticipated to remain firm due to bargain buying at lower levels. Additionally, the reduction in summer arrivals and the seasonal increase in demand are expected to bolster prices, signaling a potential rebound in the near future.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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