Mumbai, 16 May 2024 (Commoditiescontrol): Matar or Pea prices in major consumption centers have maintained steady tone, trading within a narrow range over the past 15-20 days. Due to ample supply, buyers have adopted a hand-to-mouth approach, preventing significant fluctuations in prices. Uttar Pradesh markets experienced closures due to the weekly holiday.
In Mumbai, imported pea (CIF) prices held firm, with Canadian origin prices ranging between $495 to $500 per MT and Russian origin prices between $475 to $485 per MT, unchanged from the previous session. The influx of imported supply is exerting downward pressure on spot market prices.
International field pea markets face growing uncertainty as global production increases, raising concerns about competition between major producers like Russia and Canada. The surge in demand from India earlier this year is partly driving the rise in plantings. However, if the Indian market fails to absorb these supplies, we could see further fall in pea prices with the arrival of new crops in Russia and Canada.
Increased acreage in international origins could lead to fierce competition between Canada and Russia to retain their market share, potentially causing further price declines with the arrival of new crops. This factor may compel domestic stockists and importers to liquidate their stock before new imported peas arrive, keeping prices under pressure moving forward.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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