Mumbai, 20 Mar 2024 (Commoditiescontrol):Urad prices in India continue to fall, influenced by a decline in the Burmese market. This downturn is attributed to increased arrivals of new crop urad in Burma, coupled with reduced buying interest. Market expectations are that Burma will revalue its currency from an average conversion rate of 3000 MMK/dollar to 2900 MMK/dollar. If implemented, this change would reduce sales revenue for Burmese exporters and stockists and potentially decrease export rates in CNF (Cost and Freight) India terms.
The decline in CNF India trade prices has led to lower prices for both FAQ and SQ Burma urad in domestic markets.
Desi urad prices in major Indian markets have also fallen in response to the drop in imported urad prices. The exception is Jabalpur, where higher-quality material still commands premium prices due to demand for seed purposes.
Given India's reliance on Burma for urad supply, domestic prices will likely continue mirroring trends in the Burmese market.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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