Mumbai, 09 May 2024 (Commoditiescontrol): Matar prices have once again maintain steady tone on Thursday, due to subdued trade participation and poor offtake while import disparity as well as low availability in local and overseas market helped keep prices under check.
Uttar Pradesh witnessed negligible arrivals due to weekly closures. Major consumption centers reported steady prices, except for Kanpur, where a Rs 25 per quintal decline occurred following a previous session's recovery.
Also, the recent government decision to extend duty-free Pea imports until October 31, and the removal of customs duties on Chana import weighed on sentiment, local trader said. The government's decision to axe import duty was expected to boost supplies, but imports are not viable at current domestic prices, hence, there is supply constraint for now, they added.
Matar often replace chana and other pulses during peak consumption season. However, the onset of summer does influence their consumption. In May, pulses consumption falls, which will start picking up once monsoon season starts in June.
Matar prices are currently subdued due to a plentiful supply of imported matar in domestic markets. Continued overseas shipments keep the market well-stocked. Additionally, weak demand resulting from a tight money market, government vigilance, and seasonally low consumption of chana (for whic matar is a cheaper substitute) and its derivatives further depresses matar demand.
However, the onset of monsoon should gradually increase chana demand, which in turn should support matar prices. Since imported matar supplies are largely controlled by a few sources, downside risk is limited. Conversely, prices should rise alongside increased chana consumption starting next month.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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