Mumbai, 10 May 2024 (Commoditiescontrol):Urad prices continued their upward trend for the second consecutive day in both Burma and Indian markets, driven by bargain buying at lower rates and increased demand.
Prices in Myanmar, which had been under pressure due to low demand from India, have rebounded since yesterday due to high buying activity at reduced prices. Despite slow trading due to port congestion, prices increased by 10,000 to 35,000 Kyat per MT.
CNF and resale quotes also rose by $10-15 per MT, fueled by strong end-user demand. Limited supplies are supporting prices, according to local traders in Chennai.
In major South and North Indian markets, urad prices remain high despite summer arrivals, driven by robust demand and a thin pipeline. Summer crop arrivals were reportedly lower today due to Akshay Trithiya, but are expected to increase in the coming days, potentially putting downward pressure on prices. However, due to the limited supply and the seasonal increase in demand with the onset of monsoon, a significant price drop is unlikely.
Spot urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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