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Urad Closes Flat In Mumbai/Chennai On Likelihood Of More Imports, Postponed HC Hearing

21 Jan 2020 7:00 pm
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MUMBAI (Commodities control) – Urad FAQ and SQ settled unchanged at Rs 7300-7350 and Rs 7900-7950, respectively, in Chennai. In Mumbai,FAQ New variety settled at Rs 7000/100Kgs, and FAQ old urad closed at Rs 6875, on Tuesday.

Urad marked flat opening across the major markets on this morning. FAQ variety of New Urad stood flat at Rs 7000-7025 and old variety at Rs 6900 in Mumbai. Chennai Urad, FAQ and SQ variety were priced at Rs 7350 and Rs 7950, respectively.


The government plans to extend urad dal imports of up to 4 Lk tonnes, for another three months till June this year, in view of likely domestic shortages.

IPGA has demanded the government for removal of quantitative curbs on urad as the country is likely to face a shortage of about 50% in production this year on account of damage to the 2019 kharif crop.

Last month, the commerce ministry raised the quota of urad import from 1.5 lakh tonnes to 4 lakh tonnes for the fiscal ending March 2020. Import was allowed to be undertaken only by millers and refiners.

So far, only 2 lakh tonnes of urad has been imported. The pulses situation was reviewed recently by the concerned ministries and a consensus has emerged to give time till June for undertaking the import of rest of the quota.

As per IPGA, country’s produce could dip by 50 percent to about 13-15 lakh tonnes of urad this year.

Traders expect a dip of Rs 100-200 in Urad prices, across varieties, in a fortnight from now.

Meanwhile, Urad continues to derive some supported from the postponement of Jaipur High Court’s hearing. The hearing has now been scheduled for 27th January 2020.

Market eyes Jaipur high court hearing on pulses import restriction for Customs clearance of urad container which was imported against the stay order. This Hearing has seen postponement since 19th December 2019.


       
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