Mumbai, 10 May 2024 (Commoditiescontrol): Matar prices held steady during Friday's trading session, with sluggish demand from mills offsetting reduced arrivals at major trading hubs. Several mandis remained closed due to Akahya Tritiya.
In Uttar Pradesh's Kanpur market witnessed a price drop of Rs 25 per quintal for Uttar Pradesh and Madhya Pradesh line Matar, which was offered at Rs 4,250. Prices remained stable in other centres.similarly Kolkotta market witnessed minor decline of Rs 50/quintal.
Media reports indicate the government is considering expediting desi chana imports to curb any rise in prices due to supply short fall. The recent decision to extend duty-free pea imports until October 31 and eliminate customs duties on chana imports sought to increase supply. However, local traders report that imports remain unfeasible due to domestic prices still falling below the landed cost of imported chana.
Matar, often used as a substitute for chana and other pulses during peak consumption, typically experiences a decline in demand during summer months. Consumption is expected to increase with the monsoon season's onset in June.
Currently, matar prices are suppressed by the abundant supply of imported matar in domestic markets, maintained by ongoing overseas shipments. Additional factors contributing to weak demand include tight financial conditions, government monitoring, and seasonally low consumption of chana and its derivatives.
The anticipated onset of monsoon season should gradually stimulate chana demand, thereby supporting matar prices. Limited downside risk is expected due to the controlled supply of imported matar as most of the supply of imported matar is in strong hands. Prices are projected to rise in tandem with increased chana consumption starting next month.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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