Mumbai,17 May 2024 (Commoditiescontrol): Matar prices in major mandis have surged on Friday as supplies lagged demand. Local traders attribute this to decline arrivals, addtionally strength in chana prices ensured white matar rule firm. In contrast, green matar prices have remained stable due to a balanced supply and demand.
Bilty prices also maintained steady tone, with decent demand despite recent price hike. Local sources reported that Kanpur prices are Rs 300-400 higher per quintal than in the mandis, whihc restricted further price increase. Demand for matar remains strong because chana prices are significantly higher compared to peas resulting in shift in demand to matar.
Imported pea prices (CIF) in Mumbai, specifically for Russian origin, remained stable compared to the previous session. Canadian-origin pea prices ranged between $495 and $500 per MT, while Russian-origin prices varied between $475 and $485 per MT. In Canada, spot prices fluctuated from $328 to $340 per MT, with June/July contract prices holding steady between $300 and $304 per MT, similar to the prior session. Sources indicated that these prices are supported by limited availability. After accounting for seed requirement, stocks are estimated at around 3.0 lakh tons.
Despite ample supply of matar in the domestic market, its price has managed to hold steady due to firm chana prices in domestic markets. However, considering the huge upcoming crop in Russia and Canada, which will be available by September or October in the domestic market, the upside potential for matar prices should be limited. Stockists and importers will likely try to liquidate their existing stock before the arrival of the new crop from these origins, ensuring a well-supplied domestic market.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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