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Urad Trades Lower In Chennai

19 Nov 2019 3:19 pm
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MUMBAI (Commoditiescontrol) – Burma urad FAQ/SQ variety traded lower in ready deals at the Chennai market in Tamil Nadu on Tuesday as millers opted hand to mouth policy due to liquidity crunch and not interested to purchase at higher rates due to slow demand in processed Urad.

Due to a sharp rise in Urad prices in recent past, some section of market participants fear that in order to control the prices government may issue fresh quota of Urad from the overseas market where there is ample old and new crop is available. But other section of market belives that government will not interfere in the market and let Urad prices remain high as it has helped improve sentiment in other pulses prices mainly Tur.

Arrivals for tur new crop is expected to start from next month and due to sharp rally in Urad prices, Tur prices have also improved and managed to trade near MSP. In this scenario the government will not like to spoil the sentiment otherwise it will impact tur prices as well and may pull it below MSP and make it obligatory to procure it from farmers at MSP.

Moreover, there will be more supply in the near future as the supply of Urad in containers from Burma is getting clearances by Chennai customs.

Urad FAQ/SQ varieties moved further lower by Rs 100-200 each at Rs 7,600/100Kg and Rs 8,400, respectively in ready delivery as per condition.

Buying interest from millers were seen in purchasing imported Urad at lower rates on immediate requirement for crushing as domestic arrival has failed to gather pace and quality is also not satisfactory in this situation they have to depend on imported urad.

Speculators and stockiest were active at lower rates in the market as they believe that supplies will not be sufficient to meet the domestic demand as the local crop has failed.

(By Commoditiescontrol Bureau: +91-22-40015513)


       
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