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Urad Extend Fall At Major Markets On Overseas Supply, Govts Policy Decisions

26 May 2020 2:59 pm
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MUMBAI (Commoditiescontrol) – Burma Urad widened losses by Rs 100-300/100Kg at Chennai, Mumbai, Delhi and Kolkata on Tuesday, as sellers were active in the market after Government reduces the deadline for Urad Import Annual Quota Of 4 lakh MT by 6 months to 31st August, 2020.

Meanwhile, Supreme Court has once again handed over the case of pulses import to Jaipur High Court. This is nearly a a year old case now. SC has ordered the hearing of the case to be conducted at Jaipur High Court, along with the decision to be announced within a month’s time.

However, Jaipur High Court Postponed Hearing On Pulses Import Restriction Till June 3, 2020.

Overseas supplies at Chennai port and Rabi crop arrivals are pressurising buyer sentiments.

Delivery of 1200 containers of Burma Urad from Chennai port likely to begin from today. Another 550 containers are expected to arrive at Chennai port before 31st May against quota allocated for the year 2019-20.

Demand from papad manufacturing units is affected due to lock down. Summers are the peak season for Papad manufacturing.

Similarly, domestic Urad traded weak, down Rs 200-300/100Kg, at Ahmednagar and Jaipur market amid slack millers' demand, ongoing summer crop arrivals, following weak cues in imported Urad.

Moreover, DGFT extended the deadline for import of additional quota of 2.5 lakh tonnes Urad to May 31, 2020, against quota allocated for the year 2019-20.

Meanwhile, Supreme Court has pushed the date of hearing on pulses import restrictions till July 10, 2020.

Experts believe that if the entire allocated quantity of Urad is imported, then the supply of 4 lakh tonne Urad will be seen in next three months. This is bearish for Urad prices in near term.

Spot Raw Black Matpe ( Urad ) Prices In Key Indian Markets:

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

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