MUMBAI, April 01st (Commoditiescontrol): Burma-origin Tur's price declined in Mumbai and Chennai in the week ending April 1st, 2023. This dip is primarily attributed to reduced mill participation in trading activity. The government's recent efforts to mandatorily enforce stock disclosures of pulses held by various entities such as millers, stockists, traders, and importers has impacted trader participation. The government aims to stabilize the price of Tur, ensuring its availability and affordability in the domestic market. Millers are consciously reducing their stock to avoid any conflict with government officials.
The price of domestic Tur variety increased in bilty trade at the Akola market by Rs 25 and closed for the week at Rs 8,700-8,725/100Kg. This rise in price is attributed to the buying demand from local and outstation mills for crushing and the negligible arrivals this week as the domestic market was closed for the financial year-end and market holidays related to festivals. In Gulbarga, Tur's price increased by Rs 50 at Rs 8,200-8,500/100Kg in mandi trade based on the quality.
The prices of Tur dal in the Akola and Gulbarga markets are still on the rise. Specifically, the prices of domestically processed Tur dal made from the new crop Tur in Akola have increased by Rs 400/quintal, while in Gulbarga, the prices have increased by Rs 400 per 100kg. Meanwhile, in Katni, processed Tur dal prices increased by Rs 100/100kg.
Prices of Tur dal, processed from Burma, Sudan, and Mozambique origin Tur, have increased by Rs 200/100Kg due to a surge in demand. Tur dal processed from the African origin Tur was available at significantly discount as compared with domestic Tur dal, hence demand shifted from domestic Tur to African origin Tur dal. While Tur dal had been underperforming raw Tur in the past few weeks, this week's performance has been stronger, which is the main force behid driving the current rally in raw Tur. The outperformance of Tur dal prices compared to raw Tur is advantageous for millers, as it improves their crushing margins and enhances the demand for raw Tur.
The prices of Mozambique Tur Gajri and White increased by Rs 50/100Kg due to purchases by mills and decreased stock availability during the week. The Malawi Tur price also rose by Rs 200 to reach Rs 6,550-6,650/100 kg, while the Mozambique/Malawi zebra variety was traded at Rs 6,700. However, the new Tur from Sudan remained unchanged at Rs 8,350.
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According to traders based in Burma, the local market is paying close attention to how the Indian government's recent order to enforce strict stock disclosure will affect the market. The Tur Lemon variety had a consistent price of $15 to $1025 per tonne CNF Chennai. There was no change in the exchange rate between the Burmese kyat and the US dollar, which remained stable at 2850 Kyat/dollar, the same as the previous week.
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As per the technical chart - Burma Tur (CNF$) - A breakout above resistance at $970 may trigger another leg higher toward $1100 - Stay tuned. Click here
Trend: It is possible that Tur prices may trade either Rs 200-300/100 kg up or down in the upcoming week. The market mood was negatively affected after the government increased its efforts to closely monitor stock disclosures of pulses by millers, stockists, traders, and importers. However, Tur prices are unlikely to decrease significantly due to solid underlying factors, such as reduced domestic production and higher landed costs for imported Burmese and Sudanese Tur pulses (the only available supply from international sources until September). In addition, the outperformance of Tur dal prices in contrast to raw Tur indicates that the market is beginning to accept higher Tur dal prices, which could be advantageous for Tur prices in the long run.
(By Commoditiescontrol Bureau: 09820130172)
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