Mumbai, 09 May 2024 (Commoditiescontrol):Urad prices in Myanmar rebounded today, fueled by renewed Indian buying interest at lower price points. Local prices surged 15,000 to 27,000 Kyat per metric ton, with CNF India trade prices following suit, rising $10/Mt. Ongoing port congestion due to competing maize exports continues to disrupt Burmese trade flows.
At domestic markets Burma urad FAQ and SQ price increased by $10/Mt in Chennai market.
India Pulses and Grains Association (IPGA) has said that, between 21 and 30 April 2024, a consignment of 30,550 tonnes of imported pulses arrived at Chennai Port which came through 1222 containers. According to the association, 15775 tonnes of urad has been imported into India from Myanmar during the same period.
Though prices of Urad have gained momentum today, but they are likely to remain subdued in the near term due to the arrival of summer crop, seasonally weak demand, and a tight money market stemming from the ongoing elections. The arrival of the monsoon next month is expected to bring cooler temperatures and potentially boost Urad demand. Additionally, the completion of elections should ease the liquidity crunch, further stimulating demand and trading activity. This suggests limited downside risk for Urad prices from current levels.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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