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Domestic Tur prices move higher in local markets; persisting weather concern lend support

8 Aug 2022 6:51 pm
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Mumbai, 8 Aug (Commoditiescontrol): Domestic Tur moved higher by Rs 100-300/100Kg at major markets due to excess rains last night at Tur producing belt, such as Maharashtra-Karnataka is likely to damage the crop and impact the yields adversely. A fresh rainfall is likely to cause more damage to recently sown and standing crops. Forecast of heavy rains in the coming weeks spell negative for crops.

However, mills were cautious to purchase at higher rates as demand & sales in Tur dal meet resistance today. On the other hand, Burma origin Lemon variety Tur declined by Rs 50 at Rs 7,550/100Kg at Mumbai.

While during Early trading session at Mumbai, Tanzania origin Arusha variety priced higher by Rs 150 at Rs 6,200-6,250/100Kg. Sudan origin Tur gained by Rs 200 at Rs 8,050. Mozambique origin Gajri variety Tur also quoted up by Rs 200 at Rs 6,000-6,100/100Kg. Malawi Tur ruled flat at Rs 5,400-5,500.

At Naya bazar market of Delhi, Burma origin Tur both old-new ruled unchanged each at Rs 7,750/100Kg, respectively as buyers inactive.

At Chennai, Burma Tur offered steady at Rs 7,600-7,650/100kg. In forward business at Chennai, Tur Lemon is offered at Rs 7,750/100Kg for September delivery and Rs 7,900 for October.

At Burma, Tur Lemon variety gained by $20 at $950 per metric ton on CNF basis for Mumbai. While, $975 per metric ton on CNF basis for Chennai against Aug-Sep shipment.

Around 100 containers of Tur Lemon variety been traded by India buyers at $870-$880 per MT on FOB basis. As per local trader, availability of Tur stock was reported around 1.5 lakh tonne. One direct vessel on 15th August, 2022 expected to start loading pulses for Chennai.

In the Tanzania market, Gajjar variety Tur quoted at $725 per ton on CNF Nhava Sheva for Sep-Oct shipment, Bariyadi Tur at $795 per ton on CNF Nhava Sheva for Sep-Oct shipment, Malawi Red Tur at $625 per ton on CNF Nhava Sheva for Aug-Sep shipment, Sudan Tur at $970 per ton on CNF Nhava Sheva and Mozambique/Malawi White Tur at $730.

Trend - Most of the positive news such as adverse weather, lower sowing acreage, and seasonal demand has already factored in the price. Devaluation in Burmese Kyat should result in lower prices for Burmese Tur and an increase in supply. Further supply of African-origin new crops will also start by the end of this month or early next month. Apart from this stock of local desi, Tur will be sufficient to meet domestic demand until the arrival of the new domestic crop in December.

The arrival of new moong crop and low priced New crop of Masoor from Canada will also keep the price rise under check. As per market analysts, the risk-reward ratio is currently not in favor of taking fresh buy position in Tur. It is advisable to liquidate holding stock in small quantities on every rise in price. This view will need a relook if there is any adverse development in weather conditions.

Spot Raw Pigeon Pea (Tur) New Prices In Key Indian Markets:



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


       
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