Mumbai, 21 Mar 2024 (Commoditiescontrol): India's matar market is currently experiencing a correction as a confluence of factors leads to increased supply. Both domestic production and consistent imports are putting downward pressure on prices across desi and imported matar varieties.
Uttar Pradesh, a major producer, has witnessed a price decline of Rs 100-200 per quintal for white matar in key markets like Jhansi and Rath. This weakness is primarily attributed to a rise in domestic production. Additionally, a steady flow of imported matar, mainly from Russia and Canada, is further contributing to the price softening. Reports suggest that roughly five lakh tonnes of imported matar have already arrived in Indian ports, with another five lakh tonnes expected over the next two months.There after supply is expcted to slow down due to tighter global balncesheet until next crop arrivla in August end in Russia and September in Canada.
This supply surge has translated into a decline of Rs 25-50 per quintal for both bilty and imported matar prices, mirroring the weakness in local mandis. While drier weather conditions are expected to further increase arrivals, potentially pushing prices down further, other market forces could provide some support.
Recent rainfall has caused crop damage, potentially tightening supply in the long run. Furthermore, rising chana prices are driving up demand for matar from besan manufacturers, offering a countervailing force to the current supply glut.
Market analysts anticipate that the current downward pressure is likely temporary. As the market adjusts to the influx of supply and considers factors like crop damage and alternative demand sources, a rebound in prices could be on the horizon.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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