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Imported Lentil Suffers Correction During Closing Session In Mumbai

21 Jan 2020 6:42 pm
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MUMBAI (Commodities control) – After a quiet start to the day, imported masoor loses up to Rs 100 at the closing session in Mumbai Pulses Market, on Tuesday.

While Canada Crimson: Cont and Australia Nugget lost Rs 100, each, to settle at Rs 5000 and Rs 5050/100 Kgs, respectively. Canada lentil at Hajira port dipped Rs 50 to close at Rs 4750-4775 and dipped Rs 100 at Mundra Port to settle at Rs 4800-4825.

Prices of lentil have been rallying northward on the back of millers’ buying spree. Sellers’ reluctance to de-stock in anticipation of higher prices pushed the prices higher. While, limited stock of ready import, and lag in lentil acreage lends added support.

Lentil prices in Mumbai have settled weak on a second consecutive day. In the previous session, Canada Masoor at Hajira and Mundra port dipped by Rs 25, to close at Rs 4825 and Rs 4925, respectively.

Most of the pulses garnered strength in the last session due to postponement of Jaipur High Court’s Hearing. As per market sources, the hearing on the non-issuance of Customs’ Clearance to Pulses container imported against the stay order is now scheduled for 27th January.

The containers have been stuck at the port for several weeks now.

However, traders see buying opportunities on dips and see the bullish trend continuing due to expectation of domestic crop shortage.

The sowing, as per trade sources, stands 50% lower. While demand in lentil is likely to continue due to price rise in other pulses. Market sees a minimum 7-8 Lakh tonnes of import requirement for lentil in near future

According to the sources, arrivals of new Masoor will likely be delayed due to late sowing and weather concerns.



(Commodities Control Bureau)


       
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