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Matar Prices Decline Amidst Ample Supply

22 Apr 2024 4:26 pm
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Mumbai, 22 Apr 2024 (Commoditiescontrol):Mumbai, India – Prices for imported and domestic matar (peas) have declined in most major Indian markets. Limited demand and ample supplies, driven by ongoing imported shipments and domestic arrivals, are leading factors.

In Uttar Pradesh, markets saw mixed price trends. White matar prices dropped by Rs 40-50 per quintal in Jhansi and Orai as arrivals increased. Conversely, green matar prices experienced a Rs 300 per quintal surge in Orai and Rath. Market participants attribute this recovery to prices aligning with other nearby markets. Despite the rise, these markets are currently the most affordable.

The price of imported matar in consuming markets decreased by Rs 25-50 per quintal. Buyers are limiting purchases to immediate needs due to a government directive requiring weekly stock declarations on a government portal. Meanwhile, continuous overseas supply maintains price pressure.

In Canada, yellow pea (FOB) prices have plateaued at $343 per MT, trading within a narrow range for the past month. Anticipated acreage increases are keeping prices in check, but dwindling stockpiles offer support.

If the government extends this date to allow for Canada and Russia's new crops expected in September, stockists and importers will be pressured to liquidate their existing stock before the arrival of these new crops. This is because the new crops are expected to trade lower due to high acreage in these countries. This scenario could lead to continuous selling by stockists and importers, keeping the price of matar under pressure.

Spot Matar Prices In Key Indian Markets:

(By Commoditiescontrol Bureau; +91-9820130172)

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