Mumbai, 15 May 2024 (Commoditiescontrol): Urad prices in the domestic market surged on Wednesday, following gains in Burma's market. Burma market witnessed gain in in local market as exporter were buying to meet their export commitments wehreas fresh buying by the indian buyer pushed up CNF India prices.
Exporters buying to meet commitments drove a notable 20,000 to 34,000 Kyat per metric ton (MT) increase in Myanmar. Around 1,400 containers and 6,000 MT of urad are scheduled for immediate shipment, indicating heightened market activity. According to market sources, 6,000 MT of urad in break bulk cargoes and 1,400 containers are expected to be boarded this week, which is boosting prices.
Higher CNF and resale bids were also attributed to increasing end-user demand. Local vendors in Chennai assert that a paucity of supply is the reason for price increases. The cost per MT has increased by $5–15 in the foreign and resale markets.
Bilty prices for desi Urad are reported to be stable following an increase in the Southern markets of Vijayawada and Guntur. There were reports of stable mandi pricing in the markets of Madhya Pradesh and Rajasthan as well. Local vendors claim that the minimal number of arrivals keeps prices supported.
In Southern markets like Vijayawada and Guntur, bilty prices remained steady, while Chennai's imported prices rose due to strong demand amid limited arrivals. In Indore Urad Best Bold priced at Rs 8,700 to Rs 9,300 per quintal, with medium urad at Rs 7,000 to 8,000 per quintal and light urad at Rs 3,000 to Rs 5,000 per quintal.
It's probable that summer arrivals will spike significantly starting next week. A large drop is unlikely given the narrow pipeline. In addition, Madhya Pradesh's prices have dropped dramatically, so down side should be limited.Price should stablise and gradually move up once summer cropn arrivals peak out.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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