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Urad Price Collapses In 2nd Consecutive Session During Close In Chennai/Mumbai

23 Jan 2020 7:20 pm
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MUMBAI (Commodities control) – Urad prices crash in two major markets, despite report of lower output at the producing belts. Thursday was the second straight session in a row, when imported urad slides at Kolkata and Mumbai Pulses Markets.

Urad FAQ and SQ variety settled Rs 50 lower each at Rs 7100 and Rs 7600/100 kgs, on Thursday, in Chennai. While in Mumbai, on Thursday, FAQ New and Old declined Rs 100 to settle at Rs 6750 and Rs 6600, respectively.

At Mumbai market, Urad has lost nearly Rs 300 since Monday’s close, while in Chennai the loss is in the range of nearly Rs 250.

According to market participants, near-to-zero demand is the reason behind the dullness in price. Traders expect the lag to continue for next 4-5 days, during which prices are likely to dip further by Rs 100.

Meanwhile, Government plans to extend urad dal imports of up to 4 Lk Tonnes, in view of likely domestic shortages.

As per the investigation by commoditiescontrol.com, Government will be required to make additional import allocations, post March, to keep with demand.

According to market experts, the annual consumption of urad is about 24-25 lakh tons. Some of this demand is taken care of through kharif produce of 14-16 Lk tons and 4Lk tons of Rabi produce. Rest of the quantity is imported.

However this time around the output is likely to be halved. Despite adding the rabi produce, imports and the old stocks to the kharif produce, total supply turns out to be under 20 Lk tons.

This will result in demand exceeding supplies in near-to-medium.

(Commodities Control Bureau)

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